• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Asia investors’ Las Vegas schemes show vital signs

Nov 17, 2015 Newsdesk Latest News, Top of the deck, World  


Asia investors’ Las Vegas schemes show vital signs

The northern end of the Las Vegas Strip (pictured) is seeing signs of life in two new casino projects that are linked to investors with Asian gaming interests, according to Las Vegas media reports.

A Friday story on Vegasinc.com, an online sister outlet of the Las Vegas Sun newspaper, refers to stirrings at Resorts World Las Vegas, a Chinese-themed scheme from the Malaysian conglomerate Genting on the site of Boyd Gaming Corp’s previously abandoned Echelon project. The new project had a ground breaking ceremony in May. It has been referred to as a US$4-billion scheme.

Vegasinc.com reported that the main outward sign of activity on the 87-acre (35.2-hectare) site was a multi-storey car park that has been topped off.

According to the media outlet, Genting claims to have spent US$50 million on construction and other work since the ground breaking. The company is also said to be working to secure local permits – including ones related to energy, sewer and water systems.

“Resorts World Las Vegas is one of the most cutting-edge and ambitious projects to be undertaken in the Las Vegas Strip in the last decade,” Genting spokesman Michael Levoff said in a statement to the news outlet. “A US$4 billion project will not be built overnight; it requires a rigorous planning and approval process.”

In August the Associated Press reported that a former senior aide of Nevada’s Governor Brian Sandoval had been hired to work for Resorts World Las Vegas.

A note on May 29 from Maybank IB Research in Malaysia, said that the final budget for Resorts World Las Vegas would likely be revised downward. Analysts at Japanese brokerage Nomura, stated in a June note that Genting had decided to “rework its plans” because of a likely long-term global weakness in business from Chinese VIP gamblers.

Vegasinc.com has also reported that work crews were at the Alon Las Vegas site, a hotel-casino project led by Australian businessman James Packer and former Wynn Resorts Ltd executive Andrew Pascal. Mr Packer is the largest shareholder in Crown Resorts Ltd, an investor in the Asian casino developer Melco Crown Entertainment Ltd.

A note from JP Morgan Securities Australia Ltd in October said the institution expected Alon Las Vegas would require AUD1 billion (US$711.6 million) in equity from Crown Resorts.

The Wall Street Journal reported last week that investor Carl Icahn was putting up for sale the unfinished Fontainebleau Las Vegas site also located at the northern end of the Las Vegas Strip.

Mr Icahn is said to have hired CBRE Group Inc, a commercial real estate company, to market the unfinished resort and casino, which was planned as a US$3-billion project by its developer before Mr Icahn bought it out of bankruptcy for about US$150 million in 2010. According to the report, CBRE expects to sell the property for about US$650 million.

Christopher Jones and John DeCree of Union Gaming Research LLC said in a note on Friday that the Fontainebleu was in a “challenged location at the northern bookend of the Strip”. They added: “This – as any property opening at this location – will get little to no natural pedestrian traffic. As a result, the property will need to be a destination resort.”


  • tweet
Related articles
  • Resorts World Las Vegas set to open June 24
    Resorts World Las Vegas set to...

    Apr 20, 2021  

  • Oaktree offers US$$2.3bln for Crown to buy out Packer
    Oaktree offers US$$2.3bln for Crown to...

    Apr 19, 2021  

More news
  • Belle Corp 2020 gaming revenue from CoD Manila dips 79pct
    Belle Corp 2020 gaming revenue from CoD...

    Apr 20, 2021  

  • Japan casino draft rules strict, but evolving: experts
    Japan casino draft rules strict, but...

    Apr 20, 2021  


Latest News

Belle Corp 2020 gaming revenue from CoD Manila dips 79pct

Belle Corp 2020 gaming revenue from CoD Manila dips 79pct

Apr 20, 2021  

Belle Corp’s 2020 income from gaming revenue fell 78.7 percent year-on-year, the firm said in a Tuesday filing to the Philippine Stock Exchange. The group has an interest in the gaming business of...
Read More
Japan casino draft rules strict, but evolving: experts

Japan casino draft rules strict, but evolving: experts

Apr 20, 2021  

Resorts World Las Vegas set to open June 24

Resorts World Las Vegas set to open June 24

Apr 20, 2021  

Macau gaming demand recovering comfortably: analysts

Macau gaming demand recovering comfortably: analysts

Apr 20, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$4.3 billion

Budget for Genting Bhd's Resorts World Las Vegas, to open June 24



Most Popular

  • Macau 2021 GGR could be half of pre- Covid-19 levels: FitchMacau 2021 GGR could be half of pre- Covid-19 levels: Fitch April 15, 2021
  • NUSTAR complex in Cebu slated to open 2022: UHRINUSTAR complex in Cebu slated to open 2022: UHRI April 16, 2021
  • Macau VIP GGR up 20pct sequentially in 1Q: govtMacau VIP GGR up 20pct sequentially in 1Q: govt April 16, 2021
  • Macau may tie GBA backing to gaming tender: law expertsMacau may tie GBA backing to gaming tender: law experts April 16, 2021
  • Bloomberry Quezon project in 2023, focus on preserving cashBloomberry Quezon project in 2023, focus on preserving cash April 16, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us