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Thursday, January 5, 2012

Genting NY mulls US$4bil mixed-use complex in NY

KUALA LUMPUR: Genting Malaysia Bhd's indirect wholly-owned subsidiary, Genting New York LLC (Genting NY), is considering developing an integrated mixed-use complex worth at least US$4 billion in New York.

In a circular to Bursa Malaysia, the company said it entered into a non-binding letter of intent on Tuesday with the New York State Urban Development Corporation to consider the development of the complex.

"Genting NY will work closely with Empire State Development Corporation and the relevant parties, to negotiate terms in good faith, with a view to entering into a binding memorandum of understanding on or before Nov 30, 2012," it said.

The proposed project, adjacent to the Aqueduct Racetrack in Queens, New York, will include an integrated 353,000 sq m convention and exhibition centre with up to 3,000 hotel rooms and an expansion of Resorts World Casino New York City.

By Bernama

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