Wins New York lottery bid… Genting Malaysia’s (GM) subsidiary, Genting New York has won the bid to operate the Aqueduct racino in New York, with a financial offer of US$380m (RM1.2bn) as an upfront licensing fee. GM’s proposal entails a phased development process that will begin with the opening of a preliminary phase of the facility equipped with 1,600 video lottery terminals (VLT) 6 months after approval, a second phase opening 6 months later with two gaming floors equipped with the full complement of 4,525 VLTs, a 2,100-space parking garage, and a new pedestrian bridge to the Aqueduct subway station, and a final phase with completion of abatement activities and construction of a new porte cochere. Besides the above, GM has committed to spend capex of US$41m within the first 10 years of operations for planned improvements and a minimum of 0.5% of gross gaming revenue (GGR) for maintenance capital expense.
Genting Malaysia Berhad : Wins New York Racino Bid - 04/08/2010
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