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.