GGRAsia – Genting expanding Bahamas casino venue after land deal

Genting expanding Bahamas casino venue after land deal

Feb 13, 2015 Newsdesk Latest News, Top of the deck, World

Genting Malaysia Bhd says it has completed a previously announced acquisition of land in order to expand a majority-owned casino hotel venue in the Bahamas. It gave the news to Bursa Malaysia on Thursday, adding the terms were those mentioned in previous announcements.

The company also operates Resorts World Genting, Malaysia’s only casino resort, which has recently undergone a major refurbishment.

On September 12 the firm had said BB Entertainment Ltd, a unit of Genting Malaysia, was to to pay US$24.6 million to an entity called RAV Bahamas Ltd for a plot on the Bimini Islands, Bahamas.

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

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

Genting Malaysia – part of the Genting Bhd conglomerate 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.

The deal includes options for BB Entertainment to acquire up to 103.4 acres of additional adjacent land for possible expansion.

A rival Bahamas gaming property – Baha Mar Casino and Hotel – is due to open this year.