The CEO of Genting Limited said Resorts World Las Vegas would be a tourist landmark.
Clark County officials have given final approval for Resorts World Las Vegas, which is expected to be the most expensive casino ever built on the Las Vegas Strip. Resorts World Las Vegas received a land entitlement for its 87.8 acre location on the north end of the Vegas Strip.
When it opens in 2018, the resort complex is going to include a 1,000-room hotel tower. The gaming space is set to include 175,000 square feet, making it one of the largest game rooms in Las Vegas. The non-gaming amenities are going to make Resorts World Las Vegas a landmark. Besides an indoor water park and 4000-seat theater, the grounds will also contain a replica of the Great Wall of China. Surrounding the casino will be an assortment of 30 restaurants and nightclubs.
Resorts World Las Vegas
The hotel space on opening day is only a fraction of what is eventually planned. Genting Group wants to build 4 hotel towers with a total of 3,000 hotel rooms, including lavish suites for VIP high rollers. A convention center is planned for Phase 2 of construction. In all, Resorts World Las Vegas is expected to cost over $4 billion, create 40,000 construction jobs, and 13,000 permanent jobs on the site.
Genting Group Limited is a Malaysian casino conglomerate which owns casinos in several Asian location. Its most famous and profitable casino is Resorts World Sentosa, one of two casinos in the city-state of Singapore. Singapore’s gaming industry is the third-most profitable citywide gaming industry in the world, behind only Macau and Las Vegas. Their only rival in the city is Marina Bay Sands, owned by the Las Vegas Sands Corp.
Genting’s American Casino Empire
Genting owns Resorts World Queens, the only casino operating at the moment in New York City. The company had the highest bid for a casino in Orange County, New York, but it lost the bidding process when the New York state siting panel surprisingly chose not to place a casino in Orange County. Instead, the panel, which was appointed by the New York Gaming Commission, chose local developers in more outlying regions.
Genting Group has been lobbying to build a casino in South Florida for years. The company even bought the old Miami Herald building in order to have a location, but the Florida legislature and the Seminole Tribe of Florida have been successful in limiting expansion of legal gambling in Florida. While slots have been added to the racinos, the Seminoles maintain a monopoly on banked games. Still, Genting continues it efforts, and the latest deal signed between Florida Gov. Rick Scott and the Seminoles holds some hope for expanded casino gambling.
Genting Group Assets
Unlike American casino developers, Genting has a portfolio which includes non-gaming sectors. The company is involved in Malaysia’s oil industry, while it also owns a string of rubber plantations in Southeast Asia. Genting also owns casino-resorts and non-gaming hotels and resorts throughout Asia.
When Resorts World Las Vegas opens, it might find the Sin City landscape to be changed from what it is today. MGM Resorts bucked a longstanding tradition that the city’s casinos offered free parking. Now, MGM Resorts casinos like MGM Grand, Bellagio, and Mandalay Bay require a $10 parking fee. Locals, tourists, and media members alike have been critical of the move, because they know it is only a matter of time before all other gaming companies follow suit.
The Changing Face of Las Vegas
The ownership of casinos on the Las Vegas Strip might change, as well. Caesars Entertainment is facing a lawsuit from its junior creditors over a bankruptcy reorganization plan. Details from hearing last week suggest that Caesars might be required to give up significant assets in the lawsuit. If the creditors were given control of these assets, this might introduce a whole new element on the Vegas Strip.
Meanwhile, Australian billionaire James Packer (of Crown Resorts fame) plans to open a Las Vegas Casino in the next few years. Packer, who recently announced his engagement to American pop star Mariah Carey, presumably is going to be spending more time in the United States with his wife.
Also, Trump International and Phil Ruffin (owner of nearby Treasure Island) have talked about a 50/50 split on building a $100 casino add-on to the Trump Hotel Las Vegas, which is located a block off the Las Vegas Strip.
