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Genting Malaysia considering US$4b complex in Queens, NY

KUALA LUMPUR (Jan 5): Genting Malaysia Bhd's unit is considering developing an integrated mixed-use complex, costing US$4 billion (RM12.56 billion), on real property located adjacent to the Aqueduct Racetrack, Queens, New York.

It said on Thursday its indirect unit Genting New York LLC (Genting NY) had signed a non-binding letter of intent dated Jan 3 with the New York State Urban Development Corporation for the project.

"The proposed project is anticipated to cost at least US$4 billion, which will include an integrated 3.8 million sq ft of convention and exhibition centre with up to 3,000 hotel rooms and an expansion of Resorts World Casino New York City," it said in a statement to Bursa Malaysia.

Genting NY said it will work closely with New York State Urban Development Corporation, which undertaking the business as Empire State Development Corporation, and the relevant parties, to negotiate the terms.

The plan is to enter a binding memorandum of understanding on or before Nov 30.

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