Genting—the energy-to-palm oil conglomerate controlled by Malaysian billionaire Lim Kok Thay—is building new hotels and a multi-purpose arena as part of the second phase of its $5.5 billion integrated casino resort expansion in New York City.

"In less than three months after opening our doors as the first casino in New York City’s history, we are already moving towards a day when the city will have a first-of-its-kind integrated resort," Lim, executive chairman of Kuala Lumpur-based Genting Group, said in a statement after spearheading the ground breaking ceremony for the project on Wednesday.

Since the opening of........

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