Genting seeks US casino investments

Genting Malaysia Bhd, the casino owner that parlayed a single hilltop site near Kuala Lumpur into gambling resorts in Singapore, the Philippines and the UK, is now looking for investments in the US.

“Genting Malaysia is aggressively searching for opportunities to invest in the US casino gaming market,” Justin Leong, head of strategic investments and corporate affairs at group parent Genting Bhd, said in an interview in New York. “Our strategy is building a US presence.”

Armed with US$1.7 billion in cash and debt free, Genting Malaysia is seeking acquisitions, new markets and potentially a strategic partnership in the US, Leong said. The Kuala Lumpur- based company, which said this month it may bid to develop a slots casino at Aqueduct Racetrack in New York City, first invested in the US sector last year, buying MGM Mirage bonds.

“It’s unlikely to be a single asset,” Leong said. “If we were to acquire something, it’s more likely to be a portfolio of assets or a substantial stake in a company.”
Genting Malaysia is also looking at developments and new gambling jurisdictions opening in the US, Leong said.

The company bought MGM Mirage’s secured bonds in May 2009 when the Las Vegas Strip’s biggest casino owner raised cash to avoid a potential bankruptcy. Genting Malaysia has invested in every capital issue by Las Vegas-based MGM since, Leong said.

“Genting Malaysia’s first foray into the US casino market was investing in MGM, and that strategic relationship continues,” said Leong, 32. The bid for Aqueduct “is another step.”

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