GEN Malaysia buys entity for possible new U.S. projects

Jan 08, 2016 Newsdesk Latest News, Top of the deck, World  

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Casino investor Genting Malaysia Bhd has acquired the entire equity interest in a Delaware-incorporated firm “to assist with potential financing for possible future development projects in the Northeastern region of the United States”.

Genting Malaysia – a unit of Malaysian conglomerate Genting Bhd – gave the news in a filing to that Southeast Asian country’s main stock exchange, Bursa Malaysia. It said the 100 percent stake in the currently dormant vehicle – Big Apple Regional Center LLC – was acquired from an entity called YMCMHB LLC for a cash consideration of US$150,000.

The filing didn’t give details on the possible new projects for which Big Apple might be used.

Genting Malaysia already operates Resorts World Casino New York City, in the Borough of Queens in New York.

In December 2014 it was announced that New York state’s Gaming Facility Location Board had turned down proposals by RW Orange County LLC, another unit of Genting Malaysia, for two new casino projects – potentially involving investment of billions of U.S. dollars – in Orange County in upstate New York.

Genting Malaysia’s current U.S. operations include – for accounting purposes – a casino venue at Resorts World Bimini in the Bahamas.

The firm is probably best known for operating Resorts World Genting, Malaysia’s only casino resort. It also runs gaming properties in the United Kingdom, including Resorts World Birmingham, which had its official opening on October 21.

In December the parent Genting Bhd told Bursa Malaysia it had completed a number of corporate moves “for the potential financing” of a proposed casino resort in Las Vegas, Nevada. The project, on the site of the abandoned Echelon scheme at the northern end of the Las Vegas Strip, had its ground breaking ceremony in May.

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