Genting lays groundwork for Miami gaming resort with new partners

KUALA LUMPUR Fri Jan 10, 2014 2:00am EST

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KUALA LUMPUR (Reuters) - Malaysia's Genting Bhd (GENT.KL), Southeast Asia's biggest gaming group, has partnered with three U.S. horse racing associations as it seeks to build a gaming resort in Miami, Florida.

Genting Malaysia Group (GENM.KL), in which Genting Bhd is the largest shareholder with a 47.1 percent stake, signed an agreement with Gulfstream Park Racing Association Inc, the Florida Horsemen's Benevolent & Protective Association Inc and the Florida Thoroughbred Breeders' Association Inc.

"The partnership is the initial step towards enabling Genting Malaysia to create a leisure and entertainment resort, which includes a gaming facility with 2,000 slot machines in Miami," Genting Malaysia said in an announcement to the stock exchange late on Thursday.

Genting last month said it would spend up to $4 billion to develop an unfinished resort on the Las Vegas strip. Earnings from the United States made up 5.4 percent of the company's third-quarter revenue.

(Reporting by Al-Zaquan Amer Hamzah; Editing by Edwina Gibbs)