Genting to pump us$ 1.3 billion into Aqueduct racetrack project

Genting New York, a unit of Genting Malaysia, was named by the New York State Division of Lottery in early August as the winning bidder for the 30-year rights to develop and operate the facility at the Aqueduct racetrack, the only one of its size within New York city limits. The Malaysian company was the sole remaining bidder after two rival proposals were disqualified for failing to comply with paperwork requirements.
 
According to a copy of the proposal submitted by Genting to the New York lottery authority, Genting New York will pay a licensing fee of us$ 380 million, above the minimum us$ 300 million required by the state.
 
Genting New York intends to spend up to another us$ 350 million to develop the facility, which upon full completion will span 38,638 sqm and contain more than 4,500 video lottery terminals, or electronic slot machines.
 
Dubbed Resorts World New York, the proposed three-storey facility will also contain several restaurants, water features, an outdoor terrace connected to the Aqueduct racetrack which will be able to accommodate up to 10,000 people and a 2,200-bay car park.
 
Genting New York said it aims to complete the entire development of Resorts World New York within 12 months from the date it obtains formal approval from the state to proceed.
As part of a wider development plan, Genting New York is also proposing to build three hotels of differing standards, shopping, recreation, spa and other resort facilities at a total cost of us$ 650 million. That will take the proposed outlay for the entire project to over us$ 1.3 billion.
 
Genting Malaysia, which has also proposed a takeover of the UK casinos of its Singapore affiliate, has been aggressively seeking overseas assets to reduce its dependence on its domestic operations in a predominantly Muslim country, where gambling is a culturally sensitive issue.