TLDR Resorts World NYC’s new table games earned roughly $4.9 million in gross gaming revenue over six days, less than half of Maybank’s forecast The casino’s 242 table games averaged about $3,400 per table per day versus the projected $7,500 Slot machine revenue jumped approximately 20.5% year-on-year to $23.5 million, beating expectations Total gross gaming revenue at Resorts World NYC rose 46.1% compared to the same period last year Maybank kept its BUY rating on Genting Malaysia, expecting table game revenue to ramp up over time
Resorts World New York City posted weaker-than-expected table game numbers during its first week as a full-service casino, according to a new research note from Maybank Investment Bank.
The property launched live table games on April 28 after receiving one of three newly approved downstate casino licenses. It became the first full-service casino operating within New York City limits.
Maybank analyst Samuel Yin Shao Yang said the casino’s 242 table games brought in roughly $4.9 million in gross gaming revenue between April 28 and May 3. That works out to about $3,400 per table per day.
The figure came in well below Maybank’s projection of $7,500 per table per day. The bank had expected considerably stronger early performance from the tables.
Yin pointed to a lower-than-normal hold percentage as one possible explanation. The casino recorded a win rate of just 14%, compared to the 20% rate Maybank used in its models.
If the hold rate had been at the typical 20%, Maybank estimated table game revenue would have been closer to $6.9 million. Even at that adjusted level, the result would still have fallen short of the bank’s target.
Slot Machines Tell a Different Story
While table games underwhelmed, slot machines delivered strong results. Maybank estimated slot machine gross gaming revenue