Genting builds a new hotel and an arena in its 5.5 billion bet on New York

Genting, the conglomerate controlled by Malaysian billionaire Lim Kok Thay, has begun constructing new hotels and a multi-purpose arena as part of the second phase of its $5.5 billion integrated resort in New York.

“In less than three months since we opened our doors as the first casino in the history of New York City, we are already moving toward the day when the city will have an unprecedented integrated resort,” declared Lim, executive chairman of the Kuala Lumpur-based group, after leading the groundbreaking ceremony.

Since its opening in April, Resorts World New York City has paid 170 million dollars in taxes during its first twelve weeks of operation, making it, according to the company, the casino with the highest gross gaming revenue in the United States.

With the addition of 1,400 slot machines this month and the expectation of adding more tables before the end of the year, the complex could pay nearly 1 billion dollars in taxes annually.

Resorts World NYC, a subsidiary of Genting Malaysia, is expanding its 29-hectare site in Queens with a 400-room hotel tower that will add to the existing Hyatt Regency, a 1,200-room Crockfords hotel, and an entertainment venue with a capacity for 7,000 spectators.

The plan also includes an additional 186,000 square meters of gaming, leisure, dining, retail, and convention space, on top of the current 93,000-square-meter complex. The company has not detailed when the expansion will be completed.

Once completed, the 46,000-square-meter casino will increase its slot machine floor by 50% to 6,000 units, and more than triple its gaming tables to 800. The new Las Vegas-style resort expects to generate 2.2 billion dollars in annual revenue.

Genting has operated in southeast Queens for fifteen years, with approximately 5 million annual visitors and around 2,500 employees. The expansion began after obtaining one of the three gaming licenses awarded in the state last December.

In addition to New York and Las Vegas, the group has a presence in the Bahamas, Malaysia, and Singapore. Lim, with an estimated net worth of 1.6 billion dollars, is one of Malaysia's wealthiest businessmen and has led Genting's expansion into energy, real estate, and biotechnology.