http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_565244.html

Aug 12, 2010
Genting wins NY casino bid
By Lee Jia Xin


Genting is reportedly offering the state an upfront fee of US$380 million (S$518.6 million), more than the US$300 million minimum required in the request for proposals. — PHOTO: REUTERS

GENTING NY, a subsidiary of Asian gaming giant Genting Malaysia, has clinched a 30-year franchise for the Aqueduct racetrack in Ozone Park, New York.

The bid, awarded by the New York Lottery Division on Aug 3, comes after a nine-year wait which has seen many bidders losing out.

But the Genting deal is not fully in the bag yet as New York governor David Paterson and legislative leaders senate conference leader John Sampson and assembly speaker Sheldon Silver must still approve the Lottery’s choice.

The New York Leader/Observer newspaper quoted the governor as having said publicly that he will go along with the Lottery’s decision.

There are also several steps remaining before construction can actually begin.

‘After the governor and legislative leaders sign the MOU (memorandum of understanding), the contract goes to the attorney general’s office for approval,’ Lottery spokesperson Jennifer Givner said. ‘Then it goes to the comptroller for approval and filing in his office. Under state Finance Law, a contract isn’t binding on the state unless the comptroller approves and files it.’

This process could take up to several weeks.

Genting is reportedly offering the state an upfront fee of US$380 million (S$518.6 million), more than the US$300 million minimum required in the request for proposals, said the NY Leader/Observer report.

Genting NY was the last bidder after the Lottery disqualified then two others in the running, SL Green/Hard Rock/Clairvest and Penn National, saying that they ‘did not conform with the requirements of the competition’.