Casino news
Genting as a surprise course for New York
  • 28.09.2010 New York gave the branch of Malaysian-based Genting, operators of Resorts World Sentosa in Singapore, passed all rights to manage potentially profitable casino at New York City's famous but aging Aqueduct Race Track. This happened ten days ago. The government of New York endorsed Genting which is connected with company’s commitment to pay a $380 million licensing fee and with it’s firm intention to deposit $1.3 billion on updating Aqueduct, in New York City's borough of Queens. Genting became an unusual and unexpected solution because cash-strapped New York looked for an operator for 4,525 slot machines which is alike video lottery terminals at Aqueduct. The state was going to include the casino at the track since 2001 year. A deal with a Buffalo, New York-based company was closed in 2008 and bidding was restarted. Last year's process attracted MGM Resorts International, Harrah's Entertainment, Wynn Resorts Ltd., Penn National Gaming and the Florida-based Hard Rock Casinos. A consortium including Las Vegas-based casino operator Navegante Group won the deal then, but six weeks later he forfeited the contract. Local authorities analyzed the connections between the consortium's partners and the governor of the city. Bidding was resumed in this May with the lottery running the show. Genting promised that it is going to deposit $350 million in creating of a three-flour building with a number of the restaurants and casinos, a numerous slot games and table games. «We're trying to create a first-class, day trip destination casino, not slots in box» - that is a device of Genting. The company feels that Aqueduct can bring more than $1.5 million a day in tax revenue for the city, that’s why it is very profitable. Union Gaming Group head supposes that probably planning of $650 million in annual gaming revenues are not high. Last year the 5,310 VLTs at Yonkers Raceway received about $581 million in less suitable and convenient conditions.
    Casino news