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Remakes of properties, work on Resorts World expected to enliven Las Vegas Strip in ?14

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December 19, 2013

Remakes of properties, work on Resorts World expected to enliven Las Vegas Strip in ?14

The biggest gaming story of 2014 might be a 2016 or a 2017 event.

Malaysia-based Genting Group is expected to begin construction sometime in 2014 on the $2 billion-to-$7 billion Resorts World Las Vegas, returning construction activity to the 87-acre Echelon site that has sat dormant for almost five years.

It will take at least two to three years to complete the 3,500-room Resorts World, which would become the Strip?s first new megaresort opening since the 2010 unveiling of The Cosmopolitan of Las Vegas.

It?s unclear, however, when work might begin.

Since the company?s over-the-top project announcement last March ? which included appearances by Gov. Brian Sandoval and Senate Majority Leader Harry Reid on a conference call ? Genting has gone radio-silent. The company bought the Echelon acreage and unfinished buildings from Boyd Gaming Corp. for $350 million and unveiled elaborate designs for the project.

Company representatives declined to comment for this story.

Gaming analysts weren?t concerned.

Most believe the company is proceeding with development plans, site approvals and gaming regulatory background checks. Genting, which has a market capitalization of $38 billion, will announce the next steps for Resorts World on its own timetable.

?None of us have really heard much,? Credit Suisse gaming analyst Joel Simkins said. ?We know they are pressing forward. We have an analyst in Malaysia who said the company is kind of a black box when it comes to information.?

Any smattering of news emanating from Resorts World, however, would be a welcome sign for Las Vegas.

Wells Fargo Securities gaming analyst Dennis Farrell Jr. said increased construction activity on the Strip filters down into the locals gaming market.

?The Genting folks take a longer-term view of their investments,? Farrell said. ?They are not in any rush.?

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Source Las Vegas Review, http://www.reviewjournal.com/business/business-press/remakes-properties-work-resorts-world-expected-enliven-las-vegas-strip-14

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