Genting Group’s Global Expansion and the Forest City Casino Controversy

🌍 Global Expansion: New York and Thailand

1. Bid for New York City Casino License

Genting Malaysia, a core subsidiary of the Genting Group, is actively vying for one of the highly coveted casino licenses in New York City. With 14 years of operations at Resorts World New York City (RWNYC) in Queens, the company has earned community support and holds a competitive advantage over other contenders.

According to a recent CreditSights analysis, Genting’s long-term presence and established infrastructure at Aqueduct Racetrack position it favorably for full commercial casino licensing. The planned expansion includes table games, luxury accommodations, and entertainment offerings.

However, this campaign has encountered turbulence. Genting’s Las Vegas affiliate has come under investigation by the Nevada Gaming Control Board for alleged violations related to anti-money laundering controls. Although no final rulings have been made, any regulatory sanctions could potentially damage Genting’s standing in New York’s licensing process.

2. Targeting Thailand’s Legalizing Market

In parallel, Genting is closely monitoring Thailand’s move to legalize casino gaming. In January 2025, the Thai government approved a legislative framework for integrated resorts (IRs), signaling a major shift in Southeast Asia’s gaming landscape.

Genting’s executives have expressed strong interest in participating in Thailand’s casino IR bidding, should formal requests for proposals (RFPs) be launched. Although specific project plans are yet to be revealed, the group’s prior experience in Malaysia, Singapore, and the Philippines gives it a significant strategic edge.

🏞️ Forest City Casino Rumors

The most controversial development involving Genting recently stems from rumors about a second casino license being issued in Malaysia — specifically in Forest City, a special economic zone in Johor near the Singapore border.

In April 2025, multiple media outlets speculated that Malaysia’s federal government was considering issuing a second casino license, potentially to Genting, to revitalize the struggling Forest City real estate and tourism project. These reports claimed that senior government officials had been involved in closed-door meetings with industry representatives, possibly including Genting’s management.

However, the backlash was swift:

• Genting Malaysia issued an official denial, stating that neither the company nor its Chairman and CEO, Tan Sri Lim Kok Thay, had engaged in any discussions or meetings regarding a second casino project in Johor.
• Prime Minister Anwar Ibrahim also publicly refuted the allegations, asserting that there were no plans to introduce a second casino license and that the government had not approved any such proposal.
• The company demanded a full retraction from the media outlets involved in spreading the rumors.

⚖️ Legal and Reputational Challenges

These developments come amid broader concerns about Genting’s exposure to regulatory scrutiny:

• In the United States, its Las Vegas operations face potential fines up to $75 million for allegedly failing to comply with anti-money laundering (AML) protocols.
• Any penalties could delay or derail its New York casino bid, where competition is fierce and public scrutiny intense.
• Locally in Malaysia, Genting is also navigating a delicate public relations challenge, as the government balances between tourism development and anti-gambling sentiments.

📈 Strategic Outlook

Despite the controversy, Genting remains one of the most ambitious and well-capitalized players in the global casino industry. Its strategy reflects a dual approach:

• Diversification beyond Malaysia to mitigate single-market risk — evident in the group’s aggressive U.S. and potential Thai market entries.
• Retaining dominance in Southeast Asia by leveraging geographic proximity, established expertise, and brand equity.

Still, the group must carefully manage legal, reputational, and political risks. Any missteps — such as perceived overreach or improper regulatory conduct — could jeopardize years of investment and stakeholder trust.

📝 Conclusion

Genting Group’s expansion underscores its commitment to remaining a top-tier global gaming operator. While projects in New York and Thailand hold enormous upside potential, the Forest City episode serves as a reminder that the group must tread carefully in sensitive political and regulatory environments.

Whether Genting can convert these opportunities into sustained growth will depend not just on capital or licenses, but on its ability to align strategy with governance, transparency, and social accountability.