Genting rises to 1-month high on New York job

Genting Malaysia Bhd's shares climbed to a one-month high on
expectations its US$4 billion plan to build the biggest convention
center in the U.S. may help boost visitors to its nearby casino, the
first in New York City.

The convention and exhibition center will
include hotel rooms and an expansion of its casino in the Aqueduct
Racetrack in Queens, the Kuala Lumpur-based company said in a statement
to the Malaysian stock exchange today. New York Governor Andrew Cuomo
yesterday called for replacing the Jacob Javits Convention Center in
Manhattan with the new 3.8 million-square-foot complex.

"It is a
long-term planning that they do to make sure that in the future, there
will be more consistent flow of business and people there," Low Yee
Huap, head of research at Hong Leong Financial Group Bhd, said in an
interview in Kuala Lumpur today.

The investment will extend the
Malaysian company's reach in the U.S. after opening the New York City
casino on Oct. 28 and amid plans for a US$3.8 billion casino-and-hotel
complex in Miami. The company, along with its parent Genting Bhd, also
owns and operates gaming resorts in the U.K., Malaysia and Singapore.

Genting Malaysia climbed 0.8 per cent to RM3.91 as of 4:01 p.m. in Kuala Lumpur, set for its highest since Dec. 5.

Cuomo
said in his State of the State speech in Albany, the capital, that the
Jacob Javits Center is "not competitive," adding that the proposed
Genting project will eclipse Chicago's McCormick Place. The new
development will include as many as 3,000 hotel rooms, he said.

Genting
Malaysia's New York unit is in talks with the state and expects a
binding agreement by the end of November, it said in the statement. --
Bloomberg