Genting’s Resorts World Las Vegas Could be a Game-Changer on the Vegas Strip
Genting Limited is a Malaysian multinational conglomerate which makes a great deal of money in the gambling and leisure industries. Genting owns hotels and casinos throughout Asia and Oceania. Soon, the company will break ground on a massive investment in Las Vegas.
As the date for the new development arrives, gambling experts and economists who cover the Las Vegas gaming market are beginning to see Resorts World Las Vegas as a game-changing complex. A recent article by the investment experts at Motley Fool touted Resorts Worlds Las Vegas as a “game changer”.
Resorts World Las Vegas
Genting bought a half-finished casino project on the Las Vegas Strip which previously was owned by Boyd Gaming Group. Genting will build around the existing structures, eventually completing a $4 billion resort-casino which is expected to be a tourist destination. The theme will be a Chinese village, but the complex should be grandiose even by Vegas standards.
When the first phase of construction is completed, the complex will have a 45 restaurants and 22 villas. When the full project is completedit will have the highest observation deck in the city, a terra-cotta warrior exhibit, a replica of the Great Wall of China, live pandas, and a giant exotic aquarium. Also on the grounds of the Resorts World Casino will be a convention theater and large theater. Genting has added theme-park partners to their casino-resorts in Malaysia and Singapore, so there is talk of a theme park partnership in Las Vegas, too.
Genting is a massive company, because it includes a number of industries: leisure and entertainment, gaming, energy, and plantations are just a few of them. Genting Limited has more assets than most gaming companies, so it can build the most lavish casinos. This fall, New York state gaming officials will announce a casino license for Orange County. Genting is one of a handful of license applicants (along with Caesars Entertainment). It has the largest project bid on the table, which often means it will have a good chance to win the license.
These days in the gambling world, Las Vegas Sands Corporation is the largest and most successful competitor. It wasn’t always so. As late as the 1990’s, Las Vegas Sands was a second-tier gaming company, but when it built the Venetian Macau in China, it launched the most lucrative casino in the world. Now Sheldon Adelson, president of Las Vegas Sands, is the 8th-richest person in the world.
Despite the huge success of LVS, Genting has the assets to go toe-to-toe with America’s top gaming company. In Singapore, the two companies are the only two casino competitors. Their gaming rivalry is legendary, with each trying to top the other with new attractions. Within a few years, that rivalry will be played out in Las Vegas.
Resorts World Las Vegas is a game-changer for the Las Vegas Strip casino industry. Established brands like MGM Resorts, Wynn Resorts, and Caesars Entertainment will need to pick up their game to maintain market share. Caesars Entertainment in particular is struggling with massive debt and might have trouble competing in a marketplace in which casinos become an occasion for tourist visits on family vacations.
Las Vegas Economy
At the same time, Genting brings with it a large Asian player database. That might allow the company to integrate into the Las Vegas Strip more smoothly than otherwise, because they might not have to rely on stealing customers from the other businesses.
For Las Vegas as a whole, Resorts World Las Vegas should be a boon. Genting’s project is expected to employ 11,000 people in Nevada, so it should have a major economic impact on a depressed local economy. Resorts World should bring many people to the city who otherwise might never visit, so its addition should help the city and state. Gaming revenues should increase significantly, unless something unexpected happens.
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