Genting Malaysia to spend $1.3b on NY deal

19-Aug-2010 Intellasia | Reuters | 7:01 AM Print This Post

Genting Malaysia (GENM.KL) will spend $1.3 billion to invest in its video lottery project in New York, according to a report submitted to New York regulators.

Genting will pay a licensing fee of $380 million and $350 million to develop the site, according to an edited copy of the proposal posted on the New York lottery regulator’s website.

A Genting official confirmed that a Memorandum of Understanding (MoU) was signed on August 13.

Earlier this month, the New York state lottery recommended a bid from Genting New York, a subsidiary of Genting Malaysia, to develop and operate a video lottery facility at the Aqueduct racetrack in Queens.

Genting New York said in a statement its proposal will offer “an enormous economic boost” to the New York economy, including creating more than 2,000 jobs and generating more than $500 million per year in state revenue.

http://www.reuters.com/article/idUSSGE67G0FO20100817

 


Category: Malaysia

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