Malaysian billionaire Lim Kok Thay, the executive chairman of the powerful energy-to-palm oil conglomerate Genting Group, is making an audacious move in the heart of New York City. The company is forging ahead with the second phase of its ambitious $5.5 billion integrated casino resort expansion at Resorts World New York City, promising to transform Queens into a premier entertainment destination with new hotels and a state-of-the-art multi-purpose arena.
This colossal undertaking signals Genting’s unwavering commitment to the U.S. market and its vision for a truly integrated resort experience. Lim’s statement during the groundbreaking ceremony underscored the rapid progress, noting that in less than three months since opening its doors as New York City’s first casino, they are already laying the foundation for a first-of-its-kind integrated resort. This aggressive timeline reflects the company’s eagerness to capitalize on the lucrative New York gaming landscape.
Since its inauguration in April, Resorts World New York City has already demonstrated its financial prowess, contributing a staggering $170 million in taxes within its first 12 weeks of operation. This impressive figure has positioned the resort as the largest casino in the U.S. by gross gaming revenues. With additional slot machines being rolled out this month and further gaming tables planned by year-end, Genting projects that Resorts World NYC could generate approximately $1 billion in annual tax revenue, a significant boost for the local economy.
The expansion plans are nothing short of monumental. Resorts World NYC, a subsidiary of Genting Malaysia, is adding a 400-room hotel tower to its existing Hyatt Regency, constructing an entirely new 1,200-room Crockfords Hotel, and building a 7,000-seat entertainment venue. Beyond just accommodation and entertainment, the development includes 2 million square feet dedicated to gaming, dining, retail, and convention space, which will complement the current 1 million-square-foot complex. While the completion date remains undisclosed, the scale of the project suggests a substantial construction timeline.
Having operated in Southeast Queens for 15 years, Genting Group has become an entrenched part of the community, welcoming around 5 million visitors annually and employing approximately 2,500 people. The green light for this expansion came after Resorts World NYC secured one of three coveted gaming licenses last December. Upon completion, the 500,000-square-foot casino will see a 50% increase in slot machines to 6,000 and more than triple its gaming tables to 800. This new Las Vegas-style resort is projected to bring in an impressive $2.2 billion in annual revenue, further solidifying Genting’s position as a global gaming powerhouse.
Lim Kok Thay, with a net worth of $1.6 billion according to Forbes’ real-time data, is one of Malaysia’s wealthiest individuals. His business empire extends beyond New York and Las Vegas, with significant casino operations in the Bahamas, Malaysia, and Singapore, illustrating Genting’s expansive international footprint. This latest New York venture is a bold statement of intent, promising to redefine the entertainment and hospitality landscape in one of the world’s most vibrant cities.
