Resorts World New York Can Weather High Oil Prices, Says Fitch
Posted on: April 20, 2026, 04:03h.
Last updated on: April 20, 2026, 04:03h.
- Regional casino isn’t as dependent on air travel as other Genting venues
- Venue is expected to roll out table games later this year
Oil futures surged Monday on reports that Iran remains in control of the Strait of Hormuz and as President Trump said the ceasefire ends Wednesday, spooking some market participants.
That’s worrisome for some casino operators, including Genting Singapore, that are dependent on customers flying to their gaming venues. Higher oil prices lead to higher airfares, which can weigh on leisure travel. Fitch Ratings says Resorts World New York (RWNY), which is another Genting venue, has some protection against that ominous scenario.
With a mostly domestic customer base, GENNY will be somewhat insulated from air travel woes,” according to the ratings agency.
The Queens-based gaming falls under the Genting New York (GENNY) umbrella, which is another piece in the sprawling Genting Bhd puzzle. Genting’s other marquee US venue — Resorts World Las Vegas — is more levered to oil prices affecting airfares.
Why It Matters
Genting is one of three operators that procured downstate casino licenses in New York, meaning that amidst a $5.5 billion expansion, Resorts World New York is on pace to become a Las Vegas-style casino, evolving from its current slots-only status.
Despite its gaming offerings being confined to slots, RWNY is one of the highest-grossing regional casinos in the country, confirming it benefits from its location in the largest US metropolitan area. From that, it can be inferred that the venue’s customer base is largely local and isn’t depending on air travel to get to New York.
That lack of exposure to oil prices is pivotal over the near-term because due to its existing infrastructure, RWNY is expected to roll out table games later this year while rival properties operated by Bally’s (Bronx) and Hard Rock (Queens) are several years away from opening their doors.
“We estimate GENNY to generate EBITDA of around $215 million in 2026 as the casino ramps up,” adds Fitch. Our forecast assumes that by 2028, EBITDA from GENNY will reach around $460 million based on the tax regime in GENNY’s proposal. The casino has first-mover advantage in New York and benefits from a dense population and high income flows.”
Resorts World New York Could Benefit from Fast Start
With Genting looking at annual expenditures of $800 million in New York over the next several years, it’s essential Resorts World New York benefits from the aforementioned first mover advantage while extending its knack for luring customers that aren’t airfare-sensitive.
“Delays in ramp-up by GENNY or its inability to convert its asset into a high-margin casino, together with slower recovery at GENT’s other gaming operations, are risks to our forecast deleveraging path,” observes Fitch. “Macroeconomic uncertainties, including potential second-order impact from a prolonged Iran conflict, which may affect tourism arrivals and consumer sentiment, could also affect operations and profitability.”
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