Re-Blogged by Greg Roselli
Last week, the Nevada Gaming Commission found Malaysian conglomerate Genting Berhad suitable to do business in the state; and company officials reported that construction would begin in summer 2014 on the $4 billion Resorts World Las Vegas, which will be located on the 87-acre north Las Vegas Strip site of the former Stardust casino hotel and the stalled multi-billion dollar “Echelon” development, on which construction was halted due to the recession.
Gaming Commissioner Tony Alamo Jr., who noted that he has ruled on 17 gaming industry debt restructuring and reorganizations since starting at the Commission in 2008. Genting told executives the company would be a “welcome addition to the Strip and Nevada market.”
Gaming Commission Chairman Peter Bernhard added that Genting, which benefits from significant cash flows and limited debt, “clearly has the financial stability and business probity” to build Resorts World Las Vegas; “It will be a game changer.”
As outlined in Genting’s presentation, construction is expected to take several years and includes “at least two or three phases.”
The first phase will feature a 3,000-room hotel, a casino with an aggregate of 3,500 slot machines and table games, 30 restaurants and bars, a 4,000-seat entertainment venue, an “elaborate garden attraction” that will serve as the property’s front door to the Strip and a 50,000 sq ft, 58” tall aquarium that will feature a variety of exotic fish. The first phase is expected to create 8,500 direct jobs and 3,300 indirect jobs.
