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NY Lottery recommends Genting as Aqueduct VLT operator

NY Lottery recommends Genting as Aqueduct VLT operator

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The New York Division of Lottery recommended Genting New York LLC to be named the developer and operator of a video lottery gaming facility at Aqueduct Race Track in Queens in this report issued Aug. 3, 2010. The revenue from the venture would benefit the New York Racing Association and help stabilize a declining New York thoroughbred racing industry.
The New York Division of Lottery recommended Genting New York LLC to be named the developer and operator of a video lottery gaming facility at Aqueduct Race Track in Queens in this report issued Aug. 3, 2010. The revenue from the venture would benefit the New York Racing Association and help stabilize a declining New York thoroughbred racing industry.

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Published by: The Saratogian newspaper on Aug 03, 2010
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10/25/2012

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Report and Recommendation for aDeveloper and Operator of the Video Lottery Facility atAqueduct RacetrackPrepared for Governor David A. PatersonNew York State Division of the LotteryEvaluation CommitteeAugust 3, 2010
 
2
Summary Recommendation
 The Division of the Lottery (the “Lottery”) recommends that the State of New York(the “State”) select Genting New York LLC (“Genting”) as the developer and operator ofa video lottery facility at Aqueduct Racetrack. Genting meets or exceeds all therequirements for selection and offers an upfront licensing fee of $380 million. Gentingand its related entities are qualified to receive Video Lottery licenses and have thefinancial wherewithal to meet the financial obligations of the project. Genting received ascore of 95 out of 100 in our technical and financial evaluation.Genting proposes a phased development process that will begin with the openingof a preliminary phase of the facility equipped with 1,600 video lottery terminals (“VLTs”)6 months after approval, a second phase opening 6 months later with two gaming floorsequipped with the full complement of 4,525 VLTs, a 2,100-space parking garage, and anew pedestrian bridge to the Aqueduct subway station, and a final phase withcompletion of abatement activities and construction of a new porte cochere.Approval can be granted by the Governor’s signature, together with thesignatures of the Temporary President of the Senate and the Speaker of the Assembly,on the required Memorandum of Understanding, which has already been signed onbehalf of Genting.
Genting’s Qualifications
 Genting New York LLC was organized in Delaware on December 22, 2008, andauthorized to do business in New York on June 2, 2010. Genting is a wholly-ownedsubsidiary of Genting Malaysia Berhad, a publicly traded company listed on theMalaysian Stock Exchange under the symbol “GENM.” GENM has $1.6 billion in cashon hand and market capitalization of $5.25 billion. GENM is an affiliate of the GentingGroup of Companies, a major multinational business organization active in a variety ofbusinesses, including the operation of large scale integrated casino resorts under theResorts World brand name in Malaysia, Singapore, the Philippines and the UnitedKingdom, with an operating history of over 45 years. The Genting Group is one of thelargest and most valuable gaming companies in the world with over 45,000 employeesand market capitalization of $28 billion.The group owns and operates Resorts World Genting, an integrated casinoresort near Kuala Lumpur, the capital of Malaysia. Resorts World Genting attracts 20million visitors a year and has been voted the world’s leading casino resort from 2005 to2009. It has 6 hotels with a total of 10,000 rooms, a casino with 3,100 slot machinesand 500 table games, indoor and outdoor theme parks with over 60 rides, a shoppingmall with 170 retail and dining outlets, 150,000 square feet of convention facilities, and 3performance venues with seating capacity of 9,100.
 
3Earlier this year, the Genting Group opened the $4.4 billion Resorts WorldSentosa, Singapore’s first integrated casino resort with a Universal Studios theme park,1,350 hotel rooms, and a casino with 1,600 slot machines and 450 table games.The group is the largest casino operator in the United Kingdom, with 44 casinosaround the country including 5 in London. Its Crockford’s Club in London’s Mayfairsection is known as the world’s oldest private gaming club, serving high-end customerssince 1828.Genting also operates several unrelated lines of business. It is a major producerof palm oil with over 330,000 acres of plantations in Malaysia and Indonesia. The groupoperates 7 power plants in Malaysia, China, and India, and has oil and gas productionand exploration interests in China, Indonesia, and Morocco.The group’s current projects include a joint venture with the Simon PropertyGroup (Mall of America, Woodbury Commons Premium Outlets) that is developing theChelsea Premium Outlets Centre in Malaysia, which is scheduled to open in 2011 andis expected to “bring a little bit of Woodbury Commons to southeast Asia.”GENM’s chairman and chief executive officer, K.T. Lim, has been with theGenting Group for 35 years. He has led the globalization of the group, and was namedthe Travel Entrepreneur of the Year and the Most Influential Person in Asian Gaming in2009. He pioneered the cruise industry in Asia, leading the group’s acquisition ofNorwegian Cruise Lines to create, with Star Cruises, the world’s third largest cruisecompany. In 1990, Lim helped the Mashantucket Pequot tribe to establish theFoxwoods Casino Resort in Connecticut, which has the most slot machines, numbering7,200, of any casino in the world. Subsequently, he helped the Seneca Nation ofIndians to establish the Seneca Niagara Casino and Hotel in Niagara Falls, New York.Last year, K.T. Lim’s Kian Huat Realty III Limited made a major investment inEmpire Resorts, the operator of Monticello Casino and Raceway, one of the 8 videolottery casinos already participating in the Lottery’s video gaming program. Theinvestment substantially improved Empire’s financial position and made Kian Huat themajority shareholder of Empire Resorts. In connection with that investment, Lim andtwo other Genting key individuals, G. Michael “Mickey” Brown, and Colin Au, havealready completed the Lottery’s licensing review process and are holders in goodstanding of New York Video Lottery Licenses.
Evaluation Process
 The approval recommendation is based on our evaluation of the Proposalsubmitted by Genting in response to the Request for Proposals for Development andOperation of a Video Lottery Facility at Aqueduct Racetrack (the “RFP”), issued by theLottery on May 11, 2010. The RFP followed direction that the Lottery conduct acompetition to select an Aqueduct video lottery agent according to standard proceduresused by State agencies for the procurement of goods and services. To assure that only

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