Malaysian gaming company Genting focuses efforts to the North-East of the US as the firm explores the possibility of entering the New York market.
According to gambling news, Genting has so far made their intentions serious after filing two license applications with gaming officials from “The Big Apple.” The state has made increased efforts to make way for a real casino market. It has been widely known that Genting initially viewed Miami as their first and preferred choice of setting up a new casino.
However, those developments have endured considerable difficulties and hurdles causing Genting to look elsewhere for lucrative possibilities. Considering the immense popularity of New York as a destination, it seems like the right move for the Malaysian giant to build an amazing gaming facility.
Genting pushing hard on all fronts
• Genting submits proposal for casinos in two areas in the state of New York
• Caesars Entertainment poses heavy competition for Genting
• Genting working on casino project across different areas
New York Public Interest Research Group released a reports indicating that Genting invested heavily to win over the necessary support from major officials. The Malaysian group spent “more than any other bidder on both lobbying and campaign contributions” in the state of New York in 2012 and 2013.
It is estimated that Genting incurred an outlay of more than $2.5 million for their lobbying efforts alone, while the campaign contributions amounted to a staggering $984,244. Considering their investment, the company is viewed as being one of the major front runners to receive the necessary gaming licenses.
The New York State Gaming Commission reported that Genting submitted two of 17 applications to create and fully operate gaming institutions. Genting has also tried to strategically limit the number of applications available.
The family of K.T. Lim, Genting’s chairman and CEO, holds a trust that owns Empire Resorts Inc. This firm is listed on the NASDAQ and has also applied for licenses in New York, which is separate from the license efforts made by Genting itself.
Despite being one of the major players with great chances of receiving licenses, Genting still faces competition. World famous gaming group Caesars Entertainment is the other big name that is looking to set up shop in New York with a swanky casino, as US gambling laws allow for the state to offer gaming services.
Ambitious casino projects
According to Gambling Commission spokesperson Lee Park, the gaming authority will carefully review all 17 applications that were submitted by the deadline on June 30. The Commissions will also look at oral presentations and many other elements before deciding to give out four casino licenses to the prospective companies.
Genting has indicated in one of its applications that it proposes to build a massive $1.5 billion Sterling Forest Resort casino. The project is located at the town of Tuxedo at the Renaissance Faire and Tuxedo Ridge Ski Center, which is on the southern tip of Orange County, NY.
The company believes this location would help them in a number of ways, while also complying with the state’s laws. “Because it is the closest location permissible by law to NYC, just 35 miles from George Washington Bridge.”
The other application filed by the firm is to construct a gaming facility at the Resorts World Hudson Valley, in Montgomery, NY. It sits on a 373-acre site that is a mere 90 minutes from New York City.
This project involves the development of a “world-class casino” that will boast a hotel with over 600 rooms and numerous other amenities. It will feature 19 restaurants, 10 bars and conference space that will occupy close to 100,000 square feet.
More than one project at a time
Genting spokesman, Stefan Friedman, conveyed his enthusiasm by phone saying that the firm will deliver numerous opportunities in different economic areas. “We’re extremely excited about the opportunity to deliver thousands of jobs and hundreds of millions of dollars in economic activity to upstate New York. We believe we’ll put forth a competitive proposal.”
Genting is only pursuing one objective at a time, as the company proves to be constantly involved in multiple project simultaneously. Customer will be able to play slots and blackjack at Aqueduct Raceway Casino in Queens, NY. Also, plans for a casino on the island of Bimini is in the pipeline, considering that many holidaymakers like to gamble.