Malaysian billionaire Lim Kok Thay to pour $5.5B in New York casino resort expansion

Resorts World Casino New York City, a unit of Genting Malaysia, said this week it had been chosen as one of three winners of the city’s new casino licenses, which are expected to be formally issued before the end of this year.

An artist's impression of the expansion of Resorts World Casino New York City. Photo courtesy of Genting

The company will expand its existing Aqueduct racetrack site in Queens, already among the strongest performers in the U.S.

The upgraded Resorts World New York City will include a 500,000-square-foot casino housing 6,000 slot machines and 800 gaming tables.

Plans also call for 2,000 hotel rooms, a 7,000-seat entertainment arena and amenities such as a conference center, restaurants and a spa.

The Las Vegas–style development is projected to generate $2.2 billion in annual revenue.

"Resorts World New York City’s 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," Robert DeSalvio, president of Genting Americas East, said in a statement.

Genting has been increasing its U.S. presence in recent years amid intensifying 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.

"There’s a huge potential from the Resorts World New York City expansion," Samuel Yin, an analyst at Maybank in Kuala Lumpur, wrote in a research note on Tuesday, as reported by Forbes.

He forecasts that net profit from the enlarged resort could reach MYR1.9 billion ($460 million) by 2030.

The expansion would provide a significant lift to the group, whose earnings from its Malaysian and Singaporean properties have been softening.

Genting Malaysia’s net profit fell 43% to MYR251 million in 2024, while Genting Singapore’s declined 5% to SGD578.9 million ($446 million) over the same period.

Lim, with an estimated net worth of $2 billion according to Forbes’ real-time data, is among Malaysia’s richest individuals. He has led Genting’s expansion both abroad and into new sectors, including energy, real estate and biotech.

In February 2025, Lim stepped down as group CEO after two decades, remaining executive chairman.

The leadership transition forms part of succession planning at one of Malaysia’s largest conglomerates, founded in 1965 by his late father Lim Goh Tong, who fulfilled a vision to establish a mountain-top casino resort in Genting Highlands, about 55 kilometers north of Kuala Lumpur.