Genting signs $775M loan for gaming in Jamaica weeks after won full casino license

Genting Group through the entity Genting New York LLC as borrower signed a refi loan with lender Wells Fargo valued at $775 million for its Resorts World New York City gaming property (Q6) at 110-10 Rockaway Boulevard in Jamaica, Queens.

The loan comes about two weeks after Genting Group won a full casino license for the complex, which currently has electronic gaming but later this year will be a full casino, and later the site will be expanded into a $7.5 billion complex, the company said in a press release after winning the license.
The loan closed on January 14, 2026 and was recorded on January 15, 2026. The prior lender was Wells Fargo which held debt that had an original loan amount of $175 million, which was paid off in September 2024. The property has 2,805,252 square feet of built space and 4,720,161 square feet of additional air rights for a total buildable of 7,492,320 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $276 and the price per buildable square foot is $103 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Genting Group was Walter Bogumil . The signatory for Wells Fargo was Duc Dang .

The property

The specialty building in South Ozone Park has 2,805,252 square feet of built space and 4,720,161 square feet of additional air rights for a total buildable of 7,492,320 square feet according to a PincusCo analysis of city data. The parcel has frontage of 3,034 feet and is 1,000 feet deep with a total lot size of 7,492,320 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $563.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received four DOB violations and $7,050 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In South Ozone Park, The bulk, or 27 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 26 percent of the space. In sales, South Ozone Park has had very little sales volume relative to other neighborhoods with $212.2 million in sales volume in the last two years. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 698,054 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 150,384 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Genting Group owned at least one commercial property in New York City with 2,805,252 square feet and a city-determined market value of $533.2 million. (Market value is typically about 50% of actual value.) The portfolio has $285 million in debt, borrowed from Wells Fargo. The portfolio consists of at least a single Q6 property. It is located in Queens.

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