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Genting Malaysia eyes $4 bln NY project despite setbacks
June 5, 2012 / 1:52 AM / 5 years ago

Genting Malaysia eyes $4 bln NY project despite setbacks

KUALA LUMPUR, June 5 (Reuters) - Gaming operator Genting Malaysia Bhd said it will take part in the bid process for a New York convention centre included in a 12.8 billion ringgit ($4 billion) mixed development project despite setbacks in expanding into the United States.

Genting said in a statement late on Monday that talks fell through between its unit in New York and the U.S. city’s economic development agency for Genting to develop the multi-billion dollar integrated complex.

New York on June 1 then said it will bid out the convention centre proposal, ending exclusive talks with Genting NY, Genting Malaysia told the stock Exchange.

“The uncertainties and difficulties regarding the constitutional amendment, competitive landscape, tax rate and infrastructure support made any decision difficult,” Genting NY said in an earlier statement.

Genting Malaysia operates the hill-top casino and gaming resort in mostly Muslim Malaysia where gambling is only permitted for non-Muslims.

To grow revenues, it has aggressively expanded overseas where it opened a gambling resort in Singapore and is the UK’s largest casino operator. The U.S. was its next target for expansion.

Shares in Genting Malaysia were up 1.1 percent on Tuesday. The previous day it tumbled 4.1 percent to its lowest in almost four months. ($1 = 3.1995 ringgit) (Reporting By Anuradha Raghu; Editing by Niluksi Koswanage)

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