Genting plans to invest $2.5b in New York State resorts

    Malaysia’s Genting has put in two applications for casinos in New York State, with planned investments of $2.5 billion, according to filings with the New York State Gaming Commission.
    The company has requested permission for a $1.5 billion resort on 238 acres of land in the town of Tuxedo, the closest location possible by law to New York City. The Sterling Forest Resort has “the perfect setting for a world-class destination resort,” Genting said, citing proximity to thousands of kilometres of hiking and ski trails. The resort will feature a five-star hotel with 1,000 keys, a world-class spa, an adventure park, a revamp of the Sterling Forest Gardens and fairgrounds.
    The resort is positioned within a one hour drive of 6 million people and within two hours of 23 million and is well placed to attract some of the 11 million international visitors to New York each year, including the 540,000 Chinese, the application said.
    The second proposal is for a $1 billion property to be known as Resorts World Hudson Valley, located some 90 minutes from New York. The four-star resort will feature 600 rooms, 19 restaurants, shops and 100,000 square feet of conference space.
    Genting argues the resort will create about 3,400 jobs in a distressed area of the state. It said if it’s awarded a license it will be shovel ready by the end of the year, resulting in the fastest speed to market.