$4.3bn Resort In Las Vegas Launched By Malaysian Casino Giant Genting

A new resort worth $4.3bn in the gambling capital of the United States – Las Vegas, was opened by the Malaysian casino operator Genting Group as it bet its fortune on the US market.

The new resort called Resorts World Las Vegas is touted to be the most expensive resort ever to be launched in Las Vegas.

Last year there was a more than 50 per cent drop in the number of visitors to Las Vegas because of the Covid-19 pandemic had forced movement of people as well as forced closures of casinos for three months due to pandemic induced restrictions.

Even though tourists and visitors are now returning, their numbers are still much lower than the 2019 levels.

Built on an area of almost 88 acres, the new resort comprises of 3,500 hotel rooms and suites, a theatre with a seating capacity of 5,000 and biggest LED screens of the world on one of its towers. The resort is also the largest new property to be developed in more than a decade on the famous Strip of the city.

US hospitality giant Hilton Worldwide, which has three hotels in the resort, is the partner of Genting in the project.

Market experts are hoping that this new resort will become an attraction and prove to be a major boost for Las Vegas which was severely hit last year by the restrictions imposed to curb the spread of the Covid-19 pandemic.

The Las Vegas Convention and Visitors Authority said that between March and April this year, the number of visitors to the city surged by more than 15 per cent but were still lower by 27 per cent compared to the same period a year ago.

Currently, many of the big casino operators are shifting focus on Asia.  In 2007, Macau had overtaken Las Vegas as the biggest gambling centre of the world.

Last year, the pandemic had also hard the hit the so-called ‘Monte Carlo of the East’ just like Las Vegas compared to about 40 million visitors in 2019 primarily from mainland China and Hong Kong.

Developing of a major resort in Japan’s Yokohama City is also being planned by the Genting Group with its Singapore unit leading a bid by a consortium of major Japanese companies.

The Kuala Lumpur, Malaysia, headquartered company has business operations all across the world including in China, the US, India and the UK.

Having bought the site in 2013 following the failure of a project by a previous owner, Genting had to delay the opening of the new resort a number of times because of changes in its design and other problems.

The original plan of the company was to attract Asian gamblers, with a resort known in Chinese as ‘Genting’s World of China’ and which would have featured a live panda habitat and a replica of the Great Wall. However the plan was scrapped and a less heavily themed approach was adopted which now comprises of the kind of luxury features found at other resorts on the Strip.

(Adapted from BBC.com)

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