Genting Group could benefit from the surprisingly efficient pace at which Thailand is considering casino regulations, but the opposite scenario in New York could be a headwind to the Malaysian gaming giant.

That’s the take of Nomura, which believes Genting is likely to be a player in Thailand and remains in a strong position to win one of three downstate casino licenses in New York despite regulatory delays in the fourth-largest state.

That said, we believe the Genting group will also be looking to make a bid [to develop a Thai IR] once the process starts,” according to the research firm.

Thailand hasn’t officially approved entertainment districts, which are expected to include casino resorts, but the pace at which the country has moved through the related legislative process has surprised some industry observers. It’s now widely expected that the country will approve gaming legislation this year, potentially setting the stage for the first casino resorts to open there as soon as 2029.