Genting to Invest in US Casinos
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Genting, the company behind the likes of Circus Casino in the UK and Resorts World Genting in Malaysia, has announced plans to invest in the US casino market. According to Justin Leong, who is in charge of strategic investments at Genting Bhd, the gaming company “is aggressively searching for opportunities to invest in the U.S. casino gaming market”, with a view to building a formidable “US presence”. Genting has already announced it’s considering bidding on the lucrative slots opportunity at Aqueduct Racetrack in New York, but Leong made clear that the company is interested in more than one US “asset”.
In 2009, Genting purchased MGM Mirage’s secured bonds, as the latter was attempting to raise cash in an effort to avoid bankruptcy. Leong suggested that the purchase of MGM’s bonds was the “first step” in Genting’s foray into the US casino market and noted that a “strategic relationship continues” between Genting and MGM. Genting is currently in the enviable position of being completely debt free – unlike casino operators in the likes of Las Vegas and Atlantic City, which have been burgeoned by profit losses and scares of bankruptcy over the past year. It’s believed Genting will send in their proposal for developing a slots parlour at Aqueduct Racetrack in New York by June 29th.
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