The race for a casino license in NY is heating up for Genting group after the lawmakers agreed to amend the state constitution to allow up to seven casino operators in the US state. Genting aside, other well financed groups vying for a license include the big boys Las Vegas operators and Indian tribal groups, all of whom have hired their own army of lobbyists to boost their chances.
Expectations are that the seven full casino licenses would go to the highest bidders. New Yorkers seem to be equally opposed and supportive based on some recent polls. Competition for a license will be intense with global giants like Las Vegas Sands and Wynn Resorts also interested. Genting Mal may have am upper hand, though with Resorts World NY ’s success.
Details on the seven casinos for NY, including the locations, will reportedly be determined in 2013. But NY can only legalise casinos if two successive legislatures enact bills and voters to legalise casino gambling outside Indian tribal land. NY State has five Indian casinos at present, Genting, which operates RWNY next to Aqueduct Racetrack in Queens , is among the operators licensed to offer video lottery terminals at nine racetracks in the state. But Genting is currently the only one licensed to do so in NY City.
Potential approval of table games (full fledged casino gambling) in NY may see Phase 2 or RWNY (the US$4 billion integrated complex) take off earlier. A binding MOU on the project is to be entered into with the NY State by Nov 30, 2012.
Over Florida, Genting Malaysia’s proposed US$3.8 billion RWM is still without a casino license with the vote on the destination resorts bill – that would allow up to three casino resorts – postponed to 2013.
Funding for both projects should not be a problem since Genting Malaysia is sitting on US$287 million net cash and its Malaysian operation is raking in US$400 million cash flow per annum.
Expectations are that the seven full casino licenses would go to the highest bidders. New Yorkers seem to be equally opposed and supportive based on some recent polls. Competition for a license will be intense with global giants like Las Vegas Sands and Wynn Resorts also interested. Genting Mal may have am upper hand, though with Resorts World NY ’s success.
Details on the seven casinos for NY, including the locations, will reportedly be determined in 2013. But NY can only legalise casinos if two successive legislatures enact bills and voters to legalise casino gambling outside Indian tribal land. NY State has five Indian casinos at present, Genting, which operates RWNY next to Aqueduct Racetrack in Queens , is among the operators licensed to offer video lottery terminals at nine racetracks in the state. But Genting is currently the only one licensed to do so in NY City.
Potential approval of table games (full fledged casino gambling) in NY may see Phase 2 or RWNY (the US$4 billion integrated complex) take off earlier. A binding MOU on the project is to be entered into with the NY State by Nov 30, 2012.
Over Florida, Genting Malaysia’s proposed US$3.8 billion RWM is still without a casino license with the vote on the destination resorts bill – that would allow up to three casino resorts – postponed to 2013.
Funding for both projects should not be a problem since Genting Malaysia is sitting on US$287 million net cash and its Malaysian operation is raking in US$400 million cash flow per annum.
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