Structural integrity concerns have caused Genting Casinos UK to temporarily shut down its casino in Westclif-on-Sea. As it turns out, reinforced autoclaved aerated concrete (RAAC) had been used in the property’s construction, compromising the venue.

RAAC was most commonly used in the mid-20th century as a cheaper and lighter version of conventional reinforced concrete. However, structural issues began to surface in the 90s, with concerns growing lauder in the 21st century because of reports of an earlier roofing collapse at a British primary school.

The reliability of the material and its suitability for structures continues to come into question. However, Genting doesn’t want to take any risks and, fearing potential structural integrity problems, decided not to expose its customers to unnecessary danger.

As a result, the casino company shut down its Westcliff-on-Sea property.

A message on the casino’s official website points out that the RAAC was discovered during a routine inspection. Experts learned that RAAC had been used in the construction of the roof, which may pose significant dangers to casino goers.

Genting did not provide any estimate for when the casino would reopen but promised to keep fans updated. In the meantime, it encouraged gamblers to visit other gambling venues to play.

In the meantime, properties throughout the UK continue to replace RAAC components in existing buildings.

Another Genting-Owned Casino Shut Its Doors Recently

The Westclif-on-Sea casino was not the only property Genting was forced to shut down. In October, the gambling operator also had to close the legendary Crockfords Casino.

For reference, the Crockfords Casino used to be the oldest gambling property in the UK that was still in function. Having operated for as many as 195 years, the property was a famous spot for gambling for almost two centuries.

However, the decline in foreign visitation and the lack of high rollers affected its sustainability. As a result, Genting was forced to announce the permanent shutdown of the casino. Genting Casinos UK’s president, Paul Willcock, said that, regrettably, a combination of factors has put high-end London casinos at a competitive disadvantage.

In spite of Willcock’s statement, some fans believe that the decline of high-end casinos is actually caused by some of the local regulations, which force visitors to prove the source of their funds.

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Genting Malaysia, one of the world’s largest gaming companies, has announced its intention to raise MYR500 million (US$113m) by issuing medium-term notes through its subsidiary company, Genting Malaysia Capital Bhd.

The company explained in a filing to Bursa Malaysia that the notes are being issued through three tranches. The first tranche involves MYR250 million over five years with a 5.07 percent interest rate; the second is for MYR150 million at 5.35 percent interest; and the third is for MYR100 million at 5.52 percent.

Proceeds from the issuance will be used for a variety of purposes, including operating expenses, capital expenditure, investment, refinancing, working capital requirements, and general funding requirements. This will include funding the development and redevelopment of Genting Malaysia’s properties and resorts, including those located in Genting Highlands, Pahang.

This move comes after Genting Malaysia announced the sale of its 15.47-acre parcel of land in Miami for US$1.23 billion. It is expected that sum will be used to fund the expansion of the company’s New York casino if it is granted a full license.

Resorts World Casino New York City has a good chance of snagging one of the most coveted casino gaming licenses in the United States. The move to raise funds through the issuance of medium-term notes is part of Genting Malaysia’s ongoing strategy to expand and improve its integrated resorts around the world.

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Genting Casinos UK, the British subsidiary of the international casino and integrated resort developer Genting Group, has unveiled a new charity initiative. As announced on its LinkedIn page, Genting’s UK arm will provide funding to CHIPS, a charity raising funds for children with disabilities.

The casino company said that its donation will help CHIPS improve the well-being of an additional 20 children. CHIPS, which was founded on behalf of the UK Gaming industry back in 2001, seeks to change the lives of children with disabilities by providing them with specialized powered wheelchairs.

The CHIPS charity committee is formed by senior members of the British gambling industry. The organization works for free, deducing no expenses and using every penny available to “provide the quality of life that is the right of every child.”

In these last two decades, the UK gambling industry has helped CHIPS raise over £2,000,000 ($2,490,000 in USD, current conversion rates). Thanks to this, CHIPS has been able to provide more than 500 wheelchairs to kids with disabilities.

President Willcock Praised CHIPS’ Work

Genting UK’s initiative was addressed by the company’s president and chief operating officer, Paul Willcock. He said that CHIPS is a charity that is very special to him and that he believes it is great to see the UK gaming industry join forces to help those in need.

It’s been incredible to watch the UK gaming industry come together over the years to raise these vital funds that enable us to support so many young people. The powered wheelchairs really are a life-changing piece of equipment and provide disabled children with independence and mobility.

Paul Willcock, president & COO, Genting UK

Willcock added that he feels honored that his team is able to make a new donation to the charity and support its “amazing work.” The president praised CHIPS for doing everything it can to change the lives of more and more deserving children.

Genting UK Recently Closed One of Its Properties

Genting Casinos UK now boasts dozens of casinos in the United Kingdom and is one of the biggest operators in the country. The company employs thousands of employees across its venues and has two brands in provincial areas, namely Genting Casino and Genting Club.

Genting UK has been focused on growing and providing its clients with more and more exciting casino experiences. Despite that, the operator was recently forced to close its Genting Casino Nottingham property because of “commercial considerations.”

Many of the locals said that The Cornerhouse leisure complex where the casino was located will feel emptier without it.

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A Bloomberg article detailed that there was a total of 5 offers exceeding $1 billion. The bids were international, with a variety of plans for the future of the waterfront land – from high-end condos or office spaces to situating an entertainment destination there. The Malaysian gambling giant hasn’t announced a final decision yet; however, it was reported that three candidates would be shortlisted before that comes to fruition.

Genting Ready for a Large Profit

Genting’s Miami property sale could be finalized within weeks. The Malaysian operator started marketing their decision to sell the 16 acres of prime real estate back in November 2022, so attracting five bids over $1 billion is an achievement in and of itself. The parcel was home to the Miami Morning Herald newspaper and sits across Miami Beach on Biscayne Bay.

The decision to sell, however, follows a failed push to legalize non-tribal casinos in Florida. As such, Genting is reportedly going to use the proceeds from the sale to fund its casino expansion into New York and further expand its extensive Las Vegas offerings. The operator at potentially very sizable profit from the sale. The land was originally purchased for $236 million in 2011.

Genting’s international status could also potentially enable the operator to distribute the sale profits across markets other than the US. However, such a decision would be motivated very differently. The Genting Casino Nottingham was closed recently, mainly due to “commercial considerations.” The operator didn’t win a Macau concession, so prospects for that market would also require further investment.

And so, although the company’s intentions to use the proceeds from the sale to further strengthen its positions in New York and Las Vegas date a few months back, this is still the more likely option. Other operators have been pouring money into their Macau businesses such as Wynn or MGM, but both won their concession bids, and Genting doesn’t have one.

Eyeing a New York Casino License

Another reason to look to New York specifically is that after Genting’s Macau push didn’t bear fruit during the concession renewal bids, the state has an ongoing bidding war over three new licenses. The competition is expected to be fierce, though, as two of the three licenses are expected to go to racing casinos, potentially leaving only one city casino license available.

The bidding process is run by the New York Gaming Facility Location Board, which said in January that it would not be imposing artificial deadlines due to the complexity of the process. While the state is looking to cash in more gaming tax revenue, the application fees themselves are at $500 million per applicant. So, that’s already a not-insignificant investment just for the attempt.

Genting operates Resorts World which sits close to the Aqueduct Racetrack in Queens. The operator’s plans for expanding the slot-machine facility with a hotel, resort, and casino, could potentially cost more than $1 billion, so the Miami property sale could fill in a big chunk of that investment, or cover all its license application costs and leave some change.

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Genting Berhad, the Malaysian gambling and hospitality conglomerate, has announced it has received up to five bids – each with asking price of $1 billion and more – for its prime waterfront property in Miami. This could be the highest price ever paid for any development property in the United States. 

Genting put up its 16.5-acre property situated along Biscayne Bay, Miami, in November 2022 and has since received multiple offers for it with the bidders ranging from international and domestic parties. The company purchased the property in 2011 for $236 million in hopes of securing a gaming license in Florida, but it could not. 

The company’s failure was purportedly due to the hold of the Seminole Tribe on gambling in Florida preventing other players from entering the market. Genting had plans to build a Resorts World Miami casino complex that would feature four-hotel tower complex with 5,200 rooms and a 3.6-acre lagoon.

READ: Best USA online casino sites in 2023

With its efforts to acquire a gaming license proving futile, the property remained undeveloped and was the site for the Arts Miami and Context fairs. This was till it announced it had put up the property for sale. 

Many bids were sent in for the property and none of the bids were less than $1 billion. Michael Fay – an executive at Avison Young Miami, the which has the listing – told Bloomberg in an interview: “If we get what we hope to achieve, this could be the highest price paid for any development site in the country.” 

Reports say the company will direct the gains from the property sale towards securing a prized casino license in New York through its U.S. subsidiary. Genting is one of the many operators racing for one of the three available downstate gaming licenses in New York.

The company could also use the profit to fund its Asian operations and maybe try its hand again at breaking into the Macau market after it failed last year. Also, its Resorts World Catskills and Resorts World Las Vegas properties could benefit from the proceeds of the sale. 

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