Malaysia-listed conglomerate Genting BHD has given the US market a vote of confidence as it starts its expansion plans in New York.
Genting has broken ground on a $400 million expansion of Resorts World Casinos New York (RWNY), six years after the casino operator opened its integrated resort in the Big Apple.
Scott Molina, the president of RWNY, said the expansion will bring out the potential of its gaming facility, especially since the property does not currently offer hotel accomodation. The company hopes to complete the expansion plan by mid-2019.
The expansion project, according to Molina, includes the construction of a new 400-room four-star hotel with suites that will rival Manhattan’s finest accommodations; a 2,000-sq.ft. spa and resort; another 140,000 sq.ft. of convention and meeting space; plus additional room for retail, food, and casino expansion.
Also in the pipeline is the addition of 1,000 video-lottery terminals, Molina said.
“The expansion will serve as an economic engine for our local community and the State, create more good-paying jobs for local residents, and generate significant revenue for New York State’s Lottery Education Fund,” Molina said in a press release. “We look forward to continuing to work with our local and state partners whose unwavering support has helped turn this vision into a reality.”
True enough, the casino expansion is estimated to generate $200 million in economic activity for New York. It is also expected to hire 3,000 people for construction jobs and at least 1,000 permanent jobs for New Yorkers.
At present, the integrated resort has created more than 1,100 good-paying careers, with more than half of the employees from the surrounding area, and has fostered significant economic development throughout the Queens community.
The expansion project has pushed the total tag price of RWNY to over $1.1 billion since opening in October 2011. It will be recalled that RWNY shelled out $700 million to retrofit the existing Aqueduct grandstand as it aims to be a leading entertainment destination.