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Genting on RM13b Las Vegas gaming development

KUALA LUMPUR: Genting Bhd yesterday unveiled plans for a massive multi-phased opening of Resorts World Las Vegas at a briefing held by the Nevada Gaming Control Board.

The planned US$4 billion (RM13 billion) project in the United States is to be developed in stages with construction to commence in the second half of this year and take between 24 and 36 months to complete, said Genting in a filing with Bursa Malaysia yesterday.

“Today represents a big step forward for our development, and we are excited to [go ahead] with our plans,” said Genting chairman Tan Sri Lim Kok Thay.

According to television station KLAS-TV Las Vegas, Nevada gambling regulators have recommended a gaming licence for the Genting group.

The next hurdle for Genting to cross is the ruling from the Nevada Gaming Commission, which will decide on May 22.

In the statement, Genting said the development — situated at 3000 South Las Vegas Boulevard at the site of the old Stardust — will initially consist of a more than 100,000 sq ft gaming floor, hotel tower, retail village and showroom.

Phase 1 of the project will create 3,500 gaming positions and 11,000 permanent jobs. It will have a casino with 3,500 slot machines and table games, a 4,000-seat theatre and 3,000 hotel rooms.

“Our goal at Resorts World Las Vegas is to complement existing properties and bring a unique entertainment destination to the Las Vegas Strip,” said Lim.

“Our themed resort will cater to the high-end visitor as well as the budget-minded tourist. We will give first-time guests a new reason to visit Las Vegas and other tourists a great reason to return,” he said.  

Phase 1’s construction is estimated to result in US$1.5 billion in direct wages.

Phase 1 will also include 22 villas, some 15 retail venues and 30 food and beverage outlets, an aquarium, a centre bar featuring live entertainment, and an observation deck with views down the strip.

In subsequent phases, three new hotel towers, additional gaming space, an intimate theatre that seats 1,000 to 1,500 people, a large-scale attraction, convention centre, water park, movie theatre and bowling alley are being planned.


This article first appeared in The Edge Financial Daily, on May 9, 2014.

 

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