Highlight Genting found ‘suitable’ for Las Vegas gaming licence for RM12.8b project, say US reports

by **Cals** Tue 27 May 2014, 00:37

Highlight Genting found ‘suitable’ for Las Vegas gaming licence for RM12.8b project, say US reports

Business & Markets 2014

Written by Jeffrey Tan of theedgemalaysia.com

Monday, 26 May 2014 11:59

KUALA LUMPUR (May 26): Genting Bhd is said to be ‘suitable’ to hold the state gaming licence in Las Vegas, based on a preliminary finding by the Nevada Gaming Commission (NGC), according to US news reports.

The NGC met last week and found gaming and entertainment conglomerate Genting “suitable for the licence”, under which Genting will build a US$4 billion (RM12.8 billion) Asian themed-based resort on the Las Vegas Strip.

According to Fox 5 KVVU-TV and Las Vegas Review-Journal last week, Genting officials said the group would begin construction of the resort by the second half of this year.

“Genting clearly has the financial stability and business probity to build Resorts World Las Vegas,” the Las Vegas Review-Journal quoted Gaming Commissioner Tony Alamo Jr as saying.

The Sun Herald reported the plan to break ground this year on Resorts World Las Vegas would incorporate 80% to 85% of the buildings in the half-build Echelon project, which was stalled amid the last recession.

It added the Genting project, among others, is expected to breathe new life into the Strip’s less-trafficked north end.

Genting officials, however, could not be immediately reached for confirmation on the preliminary licence approval. At press time, the company still has not replied to an email from theedgemalaysia.com.

On May 8, Genting revealed detailed plans for the massive multi-phased development of Resorts World Las Vegas at a hearing held by the Nevada Gaming Control Board in the United States.

Genting executive chairman and chief executive officer Tan Sri Lim Kok Thay said in a statement then : “Our goal at Resorts World Las Vegas is to complement existing properties and bring a new and unique entertainment destination to the Las Vegas Strip.”

“Our themed resort will cater to the high-end visitor as well as the budget-minded tourist. We will give first-time guests a new reason to visit Las Vegas and other tourists a great reason to return,” Lim added.

Genting said this major development – situated at 3000 South Las Vegas Boulevard at the site of the old Stardust – would initially consists of a more than 100,000 square-foot gaming floor, a hotel tower, a retail village and a showroom.

Phase One of the project will create 3,500 gaming positions and 11,000 permanent jobs. It will have a casino with a combined 3,500 slot machines and table games, a 4,000-seat theater plus 3,000 hotel rooms.

At 11.15 am today, Genting shares traded flat at RM9.77 with 123,000 shares done. It had earlier hit a high of RM9.80.