• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Genting Malaysia unit pays US$24.6 mln for Bahamas land

Sep 15, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


Genting Malaysia unit pays US$24.6 mln for Bahamas land

BB Entertainment Ltd, a unit of Genting Malaysia Bhd, is paying US$24.6 million to RAV Bahamas Ltd for a piece of land on the Bimini Islands, Bahamas.

The 16.2 acres (6.6 hectares) land is adjacent to Resorts World Bimini (pictured). BB Entertainment owns and operates the casino in the property.

Genting Malaysia, part of a conglomerate – Genting Bhd – that invests globally in casinos, owns 70 percent of BB Entertainment. RAV Bahamas, a real estate developer, owns the other 30 percent in the company.

BB Entertainment is building a 307-key hotel on the land to increase room capacity to cater for more visitors, Genting Malaysia said in a filing.

The deal will give the Malaysian conglomerate better control in terms of planning for future development and expansion, it added.

The acquisition of the land is expected to be completed not later than December 31, 2014.

As part of the deal, BB Entertainment also entered into an option agreement with RAV Bahamas, under which it can acquire undeveloped land totalling 103.4 acres at a price to be agreed in the future. The option, which can be exercised at any time before March 19, 2016, gives BB Entertainment the opportunity to buy adjacent plots that can be used for future expansion, Genting Malaysia told the stock exchange.

A new Bahamas gaming property – Baha Mar Casino and Hotel – is due to open in late spring 2015.

The venue – part of the US$3.5-billion Baha Mar resort, majority-funded by the Export-Import Bank of China, a state-owned Chinese institution – will have what is being promoted as “the largest casino” in the Caribbean, at 100,000 square feet (9,290 square metres).

The gaming operation will be managed by former Las Vegas Sands Corp president Bill Weidner and his firm Global Gaming Asset Management LLC.

Genting Malaysia is currently revamping its Resorts World Genting – Malaysia’s only casino resort – and has bid for two casino licences in upstate New York in the US.


  • tweet
Related articles
  • Malaysia Covid outlook negative to Genting Bhd: Moody’s
    Malaysia Covid outlook negative to...

    Jan 15, 2021  

  • Genting Highlands canteen workers positive for Covid-19
    Genting Highlands canteen workers...

    Jan 08, 2021  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Revamped Nüwa hotel reopens Feb 8, says City of DreamsRevamped Nüwa hotel reopens Feb 8, says City of Dreams January 12, 2021
  • Macau no guess if impact by China no CNY travel callMacau no guess if impact by China no CNY travel call January 12, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us