By Mark FentonThe hedge fund giant Genesis Investment Group has acquired a controlling interest in a New Jersey company that makes electronic gambling machines.
Genesis, based in Bloomfield, is the largest operator of online gambling in the United States, with more than 8,000 machines, according to the company’s website.
The deal, announced on Thursday, makes Genesis the largest gaming company in New Jersey, and will allow the company to operate two more machines in the state.
Genes, which owns the majority of the New Jersey gambling businesses, also owns the state’s largest gambling gaming operation, a $2 billion facility in New York City that opened last year.
The company, founded by hedge fund billionaire Steven Cohen, has said it plans to expand gambling operations nationwide.
It has already partnered with the state government on a gambling incentive program for low-income New Jersey residents.
The New Jersey state Gaming Commission is set to vote on the Genesis deal on April 30.
Genetics has also said it intends to invest $1.6 billion in casinos across the country.
Genetic also owns several other gaming companies, including PokerStars and Las Vegas Sands.
The Associated Press reported that the deal will require approval by the state Board of Governors, which is chaired by former Gov.