GenM Clinches RM707m Loan for NY-Based Vacant Land

Wells Fargo, a US bank, has provided a grand loan of US$175 million to Genting Malaysia Bhd to enable the latter to purchase a plot of land for Resorts World Casino at New York City. The vacant piece of land is located at the Bitcoin casino site at 110-00 Rockway Boulevard. Genting New York LLC, the wholly-owned unit of GenM, is the registered borrower of the loan. It has been reported by Law360 that the casino resort is situated on a piece of land worth US$400 adjacent to Hyatt Regency Hotel and Restaurant.

The casino boasts of over 6500 fabulous slot machines and table games that span across three levels. The newly purchased plot of land shall be the foundation of a theme park with an investment of around US$1.06 billion made by Genting Malaysia Bhd. The outdoor theme park, Genting SkyWorlds, is now undergoing the finishing touches, as per the recent announcement made by the hospitality and leisure group of Malaysia. The theme park, Genting SkyWorlds, hosts dozens of rides and attractions designed after the intellectual property and brands of 20th Century Studios. The best part is that the theme park is situated almost 6000ft above sea level, amid the most scenic views, at the Genting Highlands.

The Head of Business Operations and Strategies of Genting Malaysia, Lee Thiam Kit, declared that the Genting group is dedicated to establishing the theme park. The group had been at work even during the pandemic to make sure that the theme park’s doors can be flung open to the visitors as soon as there is a relaxation of the lockdown rules.

Genting is a renowned diversified holdings corporation that primarily operates in the industry of casinos and resorts. The main business segment of the company is Leisure & Hospitality. The company’s auxiliary segments include Oil and Gas, Property, Power, Plantation, Investments, and more. It is the segment of Leisure & Hospitality that manages multiple resorts across the world. Most of these resorts are associated with casinos, retail shopping malls, restaurants, concert halls, and theme parks.

Genting is known for generating the vast majority of the country’s revenue for its involvement in the tourist resort business at Genting Highlands. Its services of gaming, entertainment, hotel, and amusement are famous across the globe. The notable properties owned and operated by Genting include Resorts World Genting in Malaysia, casinos in the UK, Resorts World Birmingham, Resorts World Bimini in the Bahamas, and Resorts World Casino New York City in the US.  Genting also has under its wing more than two seaside resorts in Malaysia. These seaside resorts are Resorts World Langkawi and Resorts World Kijal.

Tracing back to the establishment of the theme park, Genting SkyWorlds, at Genting Highlands, it is indeed going to be another jewel in the corporate crown of Genting. The Leisure & Hospitality segment shall administer the theme park’s day-to-day operations and generate more revenues in the years to come.