Friday, June 11, 2010

Genting stocks up in early trade

KUALA LUMPUR: GENTING BHD [] and Genting Malaysia Bhd share prices rose after the latter confirmed that its unit Genting New York LLC (Genting NY) is bidding for a "racino" project in New York. ''

Genting NY submitted a US$1 million (RM3.3 million) entry fee to the New York Lottery on June 1, 2010.

"This payment allows Genting NY to participate in the bidding process to develop and operate a video lottery facility at Aqueduct Racetrack in the city of New York," the company said on Thursday, June 10.

At 9.20am, Genting was up three sen to RM7.03 while GenM added four sen to RM2.77.

AmResearch has buy calls on Genting for its regional casino exposure and GenM for its potential overseas expansion.

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