CASINO

Genting divides analysts; Washington tribe set for long expansion; Ohio

TAGs: Genting, New York, New York City, Ohio, washington

usa flag thumbAnalysts are split on whether Genting Malaysia will benefit or be hit hard by changes to casino legislation in New York. There are conflicting views on whether or not the new plans, announced earlier this week by New York Governor Andrew Cuomo, are a good or bad thing for the Malaysia-based firm. Cuomo wants to add three destination casinos in “phase one” of his plan to allow as many as seven in the state. The first phase is set to be in upstate New York and won’t allow Genting to simply build an extension to their downstate resort. Alliance Research analyst Cheah King Yoong told The Star that he doesn’t see any problem with this, and thinks it’s a “golden opportunity” for Genting to expand further in the United States. On the other side of the fence is PublicInvest Research. They commented that being able to extend their current location would have been “a boon” and that bidding for the “less attractive” phase one licences would mean a “hefty investment”.

A Washington State tribe is about to embark on an expansion plan that will put it up there as a big player in the North West gaming market. The Suquamish Clearwater Casino Resort’s five-year plan includes a large conference space, an additional restaurant and new hotel wing with construction getting underway in June and ending in 2017. No price has been put on the expansion and it illustrates the tribe’s plan to focus more on convention space and using gaming as the draw.

2012 was the year of the casino in Ohio’s gaming industry with 2013 likely to be the same deal – only this time with racinos. By the end of the next 12 months, there will be two racinos at Thistledown and Northfield Park with both able to offer slots alongside the on-track betting that already takes place. Thistledown is the sister to Cleveland’s Horseshoe casino and will have 1,150 VLTs when open – a date yet to be announced. Northfield Park, meanwhile, is well underway with the 2,500 VLT Hard Rock Entertainment Facility setting them back $275million and sitting alongside the racetrack.

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