GenM secures RM707 million loan for land at Resorts World Casino in New York
KUALA LUMPUR (February 25): Genting Malaysia Bhd (GenM) has accepted a $ 175 million (RM707 million) loan from US bank Wells Fargo for vacant land in its Resorts World Casino in New York City.
In a February 23 report, the legal information service Law360 indicated that the loan is for non-residential land located at 110-00 Rockway Boulevard, which is the site of the casino. GenM’s wholly owned unit, Genting New York LLC, is the borrower of the transaction.
“It was not immediately clear what the borrower planned to do with the land or the proceeds from the $ 175 million loan.
“The resort is in the middle of a US $ 400 million property addition that includes a new Hyatt Regency hotel, additional dining options and more gaming areas, according to the casino’s website,” Law360 reported.
He added that Sony Ben-Moshe, a partner at San Diego-based law firm Latham & Watkins LLP, had been working on the deal. However, it is not immediately clear what role he played. He co-chairs the play and hospitality practices of Latham and Latin America.
Currently, the casino has over 6,500 slot machines and table games on three levels. The casino is currently open and is subject to local Covid-19 restrictions and standard operating procedures.
GenM’s shares were trading 0.7% or two sen higher at 11:50 am at RM2.88, earning it a market cap of RM17.1 billion. It has seen 5.95 million actions performed at the time of writing.