Genting Malaysia Bhd reported that it managed to complete a previously announced deal. The deal, which is a land acquisition, is considered part of the company’s plans for further expansion of a casino hotel venue located in the Bahamas, in which Genting holds a majority stake.
The company shared that the terms of the agreement are no different from the ones unveiled in previous announcements. Genting made an official statement on September 12th, revealing that it stroke a deal for the acquisition of land located on the Bimini Islands, Bahamas. According to the company’s statement, the transactions would be carried out through its unit BB Entertainment Ltd, which was to pay a total of $24.6 million to RAV Bahamas Ltd to purchase the land.
The plot is 16.2 acres (6.6 hectares) large and is adjacent to Resorts World Bimini. The Genting’s casino in the property is currently owned and controlled by BB Entertainment. The unit is also building a hotel on the land in an attempt to boost room capacity and therefore, accommodate more visitors.
The deal also includes an option for BB Entertainment to purchase a maximum of 103.4 acres of additional adjacent land for eventual further expansion.
Genting Malaysia also holds control of the only casino resort in Malaysia – Resorts World Genting, which has been recently refurbished. The company is part of the Genting Bhd conglomerate that is primarily focused on making large investments in casinos all over the world.
Other part of the conglomerate – Genting Singapore Plc – has revealed that it started digging the foundations of its Jeju project located in South Korea. The first phase of the project called Resorts World Jeju is to be completed by 2017. The opening is planned to be finalized by 2019.
Genting’s subsidiary has joined forces with the developer of real estates Landing International Development Ltd based in China to build a casino resort situated on Jeju Island. The resort is estimated to $1.8 billion and is expected to be carried out by Landing Jeju Development Co Ltd.
As reported by local media, Won Hee-ryong who is the Governor of Jeju Island, said that the two parties “were able to come to an agreement and form a win-win partnership” that is expected to be beneficial for both of them. However, in 2014 the Jeju project was reported by media to have been facing the Governor’s opposition.
