Aqueduct’s big bidder
Asia’s largest casino operator is trying to get a foothold in the Big Apple by bidding on operating slots at the Aqueduct Race Track.
The Malaysian-based Genting Group is hardly a household name in the United States, but it might soon be.
Its executives have quietly built up gaming partnerships in the tri-state area, including:
* Financing the launch of Foxwoods Resort Casino in Connecticut
* Acquiring a $55 million controlling interest in Empire Resorts, which operates the Monticello Casino and Raceway in the Catskills
* Pouring more than $200 million into a partnership with Atlantic City’s MGM Mirage last year.
The publicly traded firm will have no problem making the $300 million upfront license payment to the state should it win the 30-year franchise to run 4,500 video-lottery terminal slots at Aqueduct.
“We have about $1.8 billion of cash and no debt. Actually, that’s the least of our problems,” Justin Leong, Genting’s director of strategic partnerships, said at last week’s pre-bidding conference at Aqueduct.
Genting built the world’s largest casino resort in Malaysia and is the biggest casino operator in Britain.
