![\"Resorts](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/12\/1764661207_793_0x0.jpg\")
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An artist impression of Resorts World New York City\u2019s $5.5 billion expansion plan in Queens.<\/p>\n
Resort World New York City<\/p>\n
Genting<\/a>\u2014the energy-to-palm oil conglomerate controlled by Malaysian billionaire Lim Kok Thay<\/a>\u2014is doubling down on its investments in New York, earmarking $5.5 billion to expand its integrated casino resort after winning one of three gaming licences.<\/p>\n On Monday, Genting Malaysia\u2019s unit Resorts World Casino New York City said<\/a> it was selected as one of three winners<\/a> of the city\u2019s new casino licenses that\u2019s expected to be formally awarded on December 31. Its existing Aqueduct racetrack in Queens\u2014already one of the top performers in the U.S.\u2014will be expanded. <\/p>\n The revamped Resorts World New York City will feature a 500,000-square-feet casino with 6,000 slot machines and 800 gambling tables. It will also have 2,000 hotel rooms, a 7,000-seat entertainment venue, and other amenities such as a conference center, restaurants and a spa. The new Vegas-style property is expected to generate $2.2 billion in annual revenue. <\/p>\n \u201cResorts World New York City\u2019s proposal is the only bid that can expand operations in just 90 days, generating billions in new revenue for mass transit and public education over the next four years,\u201d Robert DeSalvio, president of Genting Americas East said in a statement<\/a>. <\/p>\n Genting has been expanding its footprint in the U.S. in recent years amid rising competition in Asia. The group currently operates casinos in the Bahamas, Malaysia, Singapore and the U.S. where it has properties in Las Vegas and New York.<\/p>\n Play Puzzles & Games on Forbes<\/p>\n \u201cThere\u2019s a huge potential from the Resorts World New York City expansion,\u201d Samuel Yin, an analyst at Maybank in Kuala Lumpur, wrote in a research note on Tuesday. He estimates net profit from the expanded casino resort will reach 1.9 billion ringgit ($460 million) by 2030. <\/p>\n That will be a big boost to the group, whose profits from its properties in Malaysia and Singapore have been softening. Genting Malaysia\u2019s net profit tumbled 43% to 251 million ringgit in 2024, while those of Genting Singapore fell 5% to S$578.9 million ($446.3 million) in the same period.<\/p>\n The group\u2019s New York operations are held under Genting Malaysia, which Lim sought to takeover in a 6.7 billion ringgit ($1.6 billion) bid that was launched in October. Genting Malaysia will remain listed after its parent company secured only 73.1% stake at the close of the offer\u2014just below the 75% needed to take the company private.<\/p>\n With a net worth of $2 billion according to Forbes\u2019 real-time data, Lim is one of the wealthiest in Malaysia. He has steered Genting\u2019s expansion both overseas and into new businesses, including energy, real estate and biotech. <\/p>\n