They Invested in Florida, but New York seems way friendlier: The Genting Group Drama

covergenting05092008If don’t know what the Genting Group is, you have been probably living under a rock, but not to worry, we will fill you in:

Genting Group is a very powerful Malaysian gaming giant that has been trying to enter the casino gambling industry in Miami. So far they have been obstructed from every side. The made a bold move and pivoted towards the New York area, where it is competing to win casino licenses. In New York, a 2013 law cleared the way for full-fledged gambling in the state, making it a paradise for new investors.

Between 2012 and 2013, Genting spent more than any other investor group in New York: their lobbying expenses totaled nearly $2.5 million USD, and $984,244 in campaign contributions.

Genting Group representatives filed two of 17 applications in order to get a go developing and get to operate gaming facilities in the New York area. As informed by the State Gaming Commission. They even filed a second application under Empire Resorts Inc. which is a NASDAQ company, an entity controlled through a trust, owned by Genting’s chairman and CEO K.T. Lim.

However these efforts are only part of a great battle to obtain licenses between the Genting Group gaming powerhouse Caesars Entertainment.

The review of the 17 applications that were filed by the June 30 deadline still need to be reviewed by the New York Gaming Facility Location Board. Besides the documentation, applicants must go through oral presentations before any of the applicants is considered to get one of the four locations available this fall.

The Billion Dollars Proposal

In one application, Genting is proposing to develop a $1.5 billion Sterling Forest Resort casino at the 238-acre Renaissance Faire and Tuxedo Ridge Ski Center site in the town of Tuxedo, on the southern border of Orange County, N.Y., “because it is the closest location permissible by law to NYC, just 35 miles from George Washington Bridge.”

Just in one of their applications, Genting Group proposes to develop a casino at Resorts World Hudson Valley, in Montgomery, N.Y. The casino will be built on a 373-acre site and it will include a 600-room hotel, 19 restaurants, 10 bars, and nearly 100,000 square feet of conference space, according to the official file presented.

On their Empire Resorts Inc. application, calls for an investment of $1 billion, which will be used to build a casino in the town of Thompson, in Sullivan County, N.Y. Empire Resorts Inc. currently operates the Monticello Casino & Raceway in New York.

As you can see, Genting Group is talking business, very serious business and well, they have proved that if you don’t cooperate, like Florida seems to be doing, they can just take all their megazillion dollars elsewhere. Will Florida reconsider their position and start making things easier for the Genting Group?

As of now, Genting has about 30 acres in Miami, as well as the 14-acre Miami Herald complex, which was purchased by Genting Group for $236 million in 2011, and the Omni center near Biscayne Boulevard. They have the means, they just need a red light and thousands of jobs will be created in the blink of an eye. The Genting investment so far is more than $420 million.

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