Empire Resorts Inc., controlled by Lim Kok Thay, chairman of Genting Bhd. is gambling big: He is opening the Resorts World Catskills, a $1.2 billion casino, hotel and entertainment complex at the site of the old tourist destination for tens of thousands of New Yorkers, primarily Jews.
From the 1920s to the late 1960s, the New Yorkers seeking an from the clatter and chaos of city life would find solace in the area popularly known as the “Borscht Belt,” for the sunbathing, swimming, dining, dancing and more.
But by the 1970s, the vacationers who had packed the bungalows and hotels abandoned the Borscht Belt. The place fell in ruins.
But on Feb 8, the Catskill Mountains will get its own gambling den.
Continue reading “Genting gives ex-Jewish leisure escapade Borscht Belt hotel in upstate New York high-end gambling makeover”
Outgoing Federal Reserve Chair Janet Yellen said U.S. stocks and commercial real estate charges are on the high side but stopped short of saying the markets are in a bubble.
“Well, I don’t want to say too high. But I do want to say high,” Yellen said on CBS’s “Sunday Morning” in an interview recorded Friday as she prepared to leave the central bank. “Price-earnings ratios are near the high end of their historical ranges.”
Commercial real estate prices are now “quite high relative to rents,” Yellen said. “Now, is that a bubble or is it too high? And there it’s very hard to tell. But it is a source of some concern that asset valuations are so high.”
Yellen, 71, stepped down as Fed leader on Saturday after one term after President Donald Trump opted to replace her with Republican Jerome Powell, who’s been a Fed governor since 2012.
Continue reading “Yellen stops short of saying markets are in a bubble”
The latest residential product from Sime Darby Property launched in Bandar Bukit Raja (BBR), Klang – Azira has received positive response from the public with over 70 per cent take-up rate recorded in just one weekend.
The Star reported that the residential comprises 111 units of 20’ x 75’ double-storey link homes with built-up areas ranging from 1,901sq ft to 2,275sq ft. It comes with four bedrooms and four bathrooms.
A continuation and evolution of the earlier BBR homes, Azira boasts a contemporary modern tropical design that includes large openings with wide picture windows that help improve ventilation.
Offering freehold ownership, Azira’s prices start from RM678,888 (before bumiputera discount), which completion is expected on January 2020.
Sime Darby Property chief operating officer Datuk Wan Hashimi Albakri said, “The encouraging take-up rate for Azira is achieved by staying true to our strategy of offering the right products at the right time, location and price, to fulfil the needs of homebuyers.
Continue reading “Azira, the latest residential product from Sime Darby Prop to fulfill the key needs”
The bond market is expected to remain robust this year, with RM90 billion to RM100 billion of gross corporate bond issuance to take place, said RAM Rating Services Bhd (RAM Ratings) in a report by The Star on Jan 25, 2018.
“The strong corporate bond issuance is driven by a healthy pipeline of issuances from the financial institutions and infrastructure, as well as utility sectors which have traditionally issued the largest share of the market’s corporate bonds,” said RAM Ratings Services Bhd Head of Research Kristina Fong.
The latest RAM’s Bond Market Monthly stated that in 2017, the gross issuance of corporate bonds hit a record high of RM124.9 billion, surpassing its expectation of RM105 billion to RM115 billion.
“The robust issuance in 2017 was supported by both sub-segments of the corporate bond market – quasi-government and private, which posted double-digit year-over-year rates of 46.1 per cent and 45.6 per cent respectively,” it said.
Continue reading “Bond market is expected to remain strong in 2018, amounting up to RM90b – RM100b, says RAM Ratings”