Email Andrew McIntyre
” href=”https://www.law360.com/articles/1358174/latham-helps-with-175m-loan-for-new-york-casino#”>Andrew McIntyre
Law360 is providing free access to its coronavirus coverage to make sure all members of the legal community have accurate information in this time of uncertainty and change. Use the form below to sign up for any of our weekly newsletters. Signing up for any of our section newsletters will opt you in to the weekly Coronavirus briefing.
Law360 (February 23, 2021, 9:17 PM EST) —
Wells Fargo has loaned $175 million for vacant land at the Resorts World Casino New York City in Queens and Latham assisted with the matter, according to records made public in New York on Tuesday.
The loan from Wells Fargo Bank NA is for nonresidential vacant land at 110-00 Rockaway Blvd., which is the site of the casino, operated by Malaysia-based Genting Group.
Records made public Tuesday show Sony Ben-Moshe, a partner at Latham & Watkins LLP in San Diego, worked on the deal, although it was not immediately clear what role he played. Ben-Moshe, who co-chairs Latham’s gaming and hospitality and Latin America practices, couldn’t be immediately reached for comment on Tuesday.
The borrower is New York-based Genting New York LLC.
It wasn’t immediately clear what the borrower plans to do with the land or the proceeds from the $175 million loan. The resort is in the midst of a $400 million property addition that includes a new Hyatt Regency hotel, additional dining options and more gaming areas, according to the casino‘s website.
The casino has more than 6,500 slots and table games across three levels, according to its website. The website states that more than 10 million guests come to the casino annually, although it was unclear how many guests came to the resort in 2020 amid the COVID-19 pandemic.
The property’s website, which notes the casino is open, indicates that employees and guests with temperatures above 100.4 degrees Fahrenheit are not permitted to enter.
“To protect New York’s containment of COVID-19, guidelines have been established for out-of-state travelers,” according to the casino‘s website. “Guests traveling from other states, with the exception of states that are contiguous with New York, will not be permitted to visit Resorts World Casino New York City until they have completed the mandatory guidelines.”
Leisure and hospitality is one of five divisions of Genting Group, the other four being plantations, property development, energy, and life sciences and biotechnology, according to the firm’s website.
Genting also operates resorts in the Bahamas and the Catskills.
Genting Group, which is headquartered in Kuala Lumpur, couldn’t be immediately reached for comment on Tuesday.
Wells Fargo couldn’t be immediately reached for comment Tuesday on the latest loan.
Additional counsel information was not immediately available on Tuesday.
–Editing by Janice Carter Brown.
For a reprint of this article, please contact [email protected]