Genting Malaysia Bhd is unlikely to bid for the casino licences in upstate New York given its unattractive location.

In a note today, Alliance Research said New York voters recently approved a constitutional amendment to expand casino gambling but the amendment required that the first four new casinos be permitted only upstate.

The next three casinos may be allowed in New York City, but only after seven years, it said.

Alliance Research said it viewed the developments positively, signalling further gaming liberalisation in New York.

“Nonetheless, we believe that the amended legislative framework has spelt out the time frame of seven years to set up the next three casinos in New York City and assured Resorts World New York’s status as sole casino operator in Queens for the next seven years,” it said.

The research house has maintained its ‘neutral’ call on Genting Malaysia with unchanged target price of RM4.53.

- Bernama