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June 24, 2021

May 5

Resorts World Las Vegas groundbreaking announced

Resorts World Las Vegas groundbreaking announced
Malaysia-based Genting Malaysia Berhad will break ground on the USD 4 B Resorts World Las Vegas on May 5, a company spokesman said Monday.
Philippines | 03/25/2015

Malaysia-based Genting Malaysia Berhad will break ground on the USD 4 B Resorts World Las Vegas on May 5, a company spokesman said Monday.

T

he Strip development, which has been in planning for two years, is projected to include 3,000 hotel rooms and a casino with a combined 3,500 slot machines and table games in its initial phase. The property will have 30 food and beverage outlets, a 4,000-seat theater and an elaborate garden attraction that will serve as the property’s front door to the Strip.

Spokesman Michael Levoff confirmed the groundbreaking date in an email and said more details will be provided in coming weeks.

Genting bought the site from Boyd Gaming Corporation in March 2013 for US$ 350 million and announced plans for the project. The site, once home to the Stardust, houses the unfinished Echelon development, on which Boyd halted construction in August 2008.

Levoff said in January that preliminary work had been done on the site, including a US$ 2 million utility relocation at the corner of the Strip and Resorts World Drive. Genting also has renewed building permits and is finalizing the development agreement with Clark County.

Genting was given a preliminary finding of suitability to hold a state gaming license by Nevada gaming regulators in May. The company still will need to apply for a full gaming license before Resorts World Las Vegas can open. Construction is expected to take place over multiple years and include at least two or three phases.

Resorts World Las Vegas is expected to provide US$ 1.5 billion in construction wages and US$ 84 million in taxes while employing several thousand workers. Once open, the property would account for 8,500 direct jobs and 3,300 indirect jobs. The development is projected to generate US$ 155 million in annual tax revenue.

Genting operates casinos around the world, including Resorts Worlds in Singapore, Malaysia, the Philippines and New York.

Genting also has investments and businesses in biotech/life science research, energy production, oil and gas exploration, plantations and property development. The company collected US$ 5.2 billion in revenue in 2013, has cash on hand of more than US$ 5 billion and has US$ 3 billion in long-term debt.

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