Genting Net Surges on New Casino

Efforts by Malaysia?s to expand its casino footprint in the U.S. suffered a couple of setbacks in in the past week. First, Gov. Andrew Cuomo said he was backing away from a plan to build a convention center in Queens next to resort that would expand on its big new ?racino? at Aqueduct raceway.?? Then ...

Malaysian state energy firm Petronas said Friday its net profit surged nearly 50 percent in the latest quarter on higher oil prices but warned the weak global economy could hit full-year profits.Profit at Malaysia's biggest company in the three months to June 30, the first quarter of the country's financial year, grew 48.6 percent from the same period a year earlier to 21.7 billion ringgit ($7.27 billion)."In a nutshell, the first quarter was quite a good run for Petronas," chief executive Shamsul Azhar Abbas told reporters at a press conference.

Singapore's first casino will start operating on Sunday, in time for the Lunar New Year, the operator said Thursday.The opening of the Resorts World Sentosa casino followed the launch in January of four premium hotels at the 4.4 billion US dollar complex built by Malaysian gaming giant Genting."Singapore's first integrated resort, Resorts World Sentosa, will begin the first day of the Tiger year with the soft-opening of its casino," Resorts World Sentosa said in a statement.

Genting Group, which plans to build a casino, convention center and theater, will pay $350 million for the site where the Echelon development came to a halt.A stalled Las Vegas resort development on the site of the fabled Stardust hotel is being bought by a Malaysian conglomerate that intends to build upon what was started.

Malaysia's Genting Group plans to announce an agreement to buy Boyd Gaming's Echelon project in Las Vegas.

SYDNEY (Reuters) - Two scions of Malaysia's Genting gaming empire inked a deal on Tuesday to gain control of listed Australian wagering group Two Way Ltd as they seek to build their own casino and leisure business in southeast Asia. Joey Lim Keong Yew and Ben Lim Keong Hoe, grandsons of Genting founder, the late Lim Goh Tong, and nephews of current CEO and chairman KT Lim, are behind a reverse takeover that will give the Australian company a 75 percent stake in an expanding casino and hotel complex in Vietnam. ...