Fitch Sees Resorts World New York EBITDA Doubling by 2028 Despite Parent Credit Downgrade

Resorts World New York is positioned for significant financial growth over the next two years, according to a new Fitch Ratings report, even as the property's parent company faces credit headwinds from ambitious capital deployment plans.

Fitch downgraded Genting Bhd to 'BBB-', the lowest investment grade tier, from 'BBB', citing sizable spending commitments in New York and Singapore. The ratings agency simultaneously affirmed Genting New York, the wholly owned subsidiary controlling Resorts World New York, at 'BBB-' with a stable outlook. This divergence reflects confidence in the individual property's trajectory despite broader corporate financial pressures.

The core issue constraining the parent company's rating is Genting's $5 billion pledge to advance Resorts World New York. According to Fitch, approximately $700 million has already been deployed, including a $500 million licensing fee. The remaining $3.7 billion is expected to roll out over five years, with annual expenditures of roughly $800 million during the construction phase. This deployment schedule will create material pressure on Genting New York's credit metrics in the near term.

Despite near-term spending constraints, Fitch's outlook for Resorts World New York's operational performance remains bullish. The ratings agency revised its 2026 EBITDA forecast downward to $208 million from $215 million, a modest reduction. However, the longer-term picture is substantially more optimistic. Fitch expects EBITDA to reach approximately $450 million by 2028, representing more than a doubling from 2026 levels. This growth trajectory will be fueled by the addition of more gaming tables and slot machines, combined with margin normalization as operational scale increases.

A critical competitive advantage underpins these forecasts. Resorts World New York opened table games earlier in 2026 after operating as a slots-only venue for years. The property is on track to house 400 table games by January, positioning it as the first major table game destination in the New York City area. Fitch notes that Bally's (planned for the Bronx) and Hard Rock (planned for Queens) remain several years away from opening, giving Resorts World a decisive first-mover advantage.

Fitch emphasizes that Resorts World New York's competitive position benefits from its dense population catchment area with high income levels. The Queens location provides access to a substantial player base that has historically had limited local gaming options.

At the corporate level, Fitch noted that Genting's U.S. and Bahamas operations now fall under Genting America Inc. (GENAI), which also supports the financially struggling Empire Resorts Inc. unit. Separately, Fitch maintained an investment-grade rating on Genting Malaysia but characterized the entity as financially weaker than peers such as Las Vegas Sands and the Seminole Tribe of Florida, citing leverage metrics exceeding 3.0x compared to Sands' approximately 2.5x.

The Fitch analysis reveals a common pattern in regional casino development: near-term credit stress from capital investment offsetting long-term operational upside. For Resorts World New York specifically, the combination of competitive isolation and favorable demographics suggests the property can justify aggressive infrastructure spending. Whether Genting can sustain its credit quality through the construction cycle will depend heavily on execution and market performance.