Genting to start building $4 billion Las Vegas gaming resort later this year

 

KUALA LUMPUR - Genting Bhd, Southeast Asia's biggest gaming group, will begin construction of a $4 billion gaming resort on the Las Vegas strip in the second half of this year, it said in a statement on Thursday.

The Resorts World Las Vegas will be built in four phases and take between 24-36 months to complete, Genting said.

Genting said upon completion, the first phase alone will feature 3,500 gaming positions in a 100,000 square-foot gaming floor, dozens of villas, food outlets and retail stores, as well as open up 11,000 jobs.

The mega-gaming resort will also add on, among others, a water park, movie theater, bowling alley and a million square foot convention center in the following phases.

Genting, which has held Malaysia's sole casino license since the 1960s, has focused its international expansion drive on the United States as the world's largest economy starts to recover, and as various states relax restrictions ranging from casino licenses to online gambling.

The group bought the Las Vegas resort in 2013 from Boyd Gaming Corp for $350 million, in its first push into the U.S. gambling mecca dominated by the likes of Las Vegas Sands.

Genting bought the former Miami Herald building on Biscayne Bay in 2011 for $236 million with plans to turn it into a resort and casino, but efforts to change Florida’s gambling laws to make that possible have failed.

REUTERS

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