Yesterday Genting Singapore announced that at its Extraordinary General Meeting a majority of shareholders voted for the resolution to sell the company’s UK operations to its parent company Genting Malaysia Bhd. Crockfords, Maxims, Mint and other casinos will now be taken over provided Genting Malaysia shareholders approve next week. Dividends will not be paid to Genting Singapore shareholders until the company fulfils certain bank conditions imposed on a S$4 billion loan.

Genting is investing US$1.3 billion in its new venture at New York’s Aqueduct racetrack. Genting New York has promised to pay the state US$380 million upfront and contribute 1% of its net profits to the community. The Aqueduct plans include 4,500 VLTs, Chinese restaurant, buffet and 3-storey digital water show. The company has told Legislators that operations could start as soon as 6 months after construction begins.

On 17 August 2010, the New York State Office of the Governor issued a press release announcing the approval by Governor David A. Patterson, Senate Conference Leader John Sampson and Assembly Speaker Sheldon Silver of the New York Lottery’s recommendation to award Genting New York the right to develop and operate the project. It was also stated that the Office of the Attorney General and Office of the State Comptroller of the State of New York must review and approve the selection of Genting New York before the process can move forward.

Genting Malaysia has been listed on the Bursa Malaysia since 22 December 1989 and runs the company’s gaming, hotel and resort-related operations. The jewel in its crown is Resorts World Genting, a premier integrated family leisure and entertainment resort at the peak of Genting Highlands that attracted 19.5 million visitors in 2009. However, it is believed the company wants to reduce dependence on its domestic market, which is mainly Muslim. There is now Resorts World Sentosa in Singapore, Resorts World Manila and it is rumoured the Aqueduct project could become Resorts World New York. (E-08.19.10)

© Copyright 2010 CasinoCompendium



>>> return to archives
>>> return to frontpage