Malaysian Casino Giant Gets Approval For NY Operation

Genting - founded by Lim Goh Tong

NEW YORK (Dow Jones)-Genting Bhd. (3182.KU), the growing Malaysian casino giant, says it received final approval to operate the first gambling parlor in the Queens borough of New York City.

"We are eager to immediately begin investing, creating jobs, sparking economic activity and bringing New York a one-of-a-kind iconic, entertainment destination," K.T. Lim, chairman of Genting Malaysia Berhad (4715.KU), said in a statement.

State Comptroller Thomas P. DiNapoli labeled the deal "one of the most important vendor contracts New York has ever signed."

"It's a 30-year license that carries the future of New York's racing industry on its back," he added in a statement.

Lim Kok Thay

While the Aqueduct Race Track operation, Genting's first in the U.S., will initially be limited to 4,500 slot machines and electronic table games, Genting hopes it will eventually expand into a destination resort that would include upscale hotels and attract international travelers.

The company, which controls casino resorts in Malaysia and Singapore, oil palm plantations and the Norwegian Cruise lines, is hoping Aqueduct will open the gateway to the U.S.'s vast gaming terrain.

Genting is eyeing U.S. gaming opportunities in places like Las Vegas, California and Massachusetts and has plans to possibly spin off at some point its U.S. operation into a separate public company.