• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Capex for Genting Vegas finalised in Aug: analysts

Jun 01, 2015 Newsdesk Top of the deck, World  


Capex for Genting Vegas finalised in Aug: analysts

The capital budget for Resorts World Las Vegas – reportedly the first Nevada casino venture from Malaysian conglomerate Genting Bhd – will not be finalised until August, said a note on Friday from Samuel Yin Shao Yang of Maybank IB Research.

The gaming resort (pictured in an artist’s rendering), on the site of the abandoned Echelon scheme at the north end of the Las Vegas Strip, had its ground breaking ceremony in May.

“Genting will not finalise a capex for Resorts World Las Vegas until August 2015 (Genting had once earmarked a US$4 billion capex for Resorts World Las Vegas),” wrote Mr Yin. “In that time, Genting may incur consultancy fees of US$30 million to USS50 million,” added the analyst.

In May 2014, when the Nevada Gaming Commission granted Genting Bhd preliminary approval of suitability, the venture was described in media reports as a US$4 billion project. The same reports had also referred to plans for four accommodation towers and a 175,000-square foot (16,258-sq metre) casino.

In a media statement accompanying the ground breaking this May, the firm referred to “three hotels” and “over 100,000 square feet of innovative gaming space”.

“In the most recent analyst call, Genting’s management mentioned that with the recent weakness in Chinese VIP trends expected to last for a long period of time, Genting has to rework its plans to make it more suited to market segments likely to be visiting the Vegas strip in the absence of these VIPs,” said a note on Monday from Tushar Mohata and Alpa Aggarwal, analysts at Japanese brokerage Nomura.

“We feel that the group might speed up the development of the… site as per its balance sheet funding capabilities once it secures an [Nevada] approval, and might do it with Genting Malaysia, which owns the group’s other gaming assets in the U.S.,” the Nomura team added, also mentioning Genting Bhd’s next board meeting in August as a likely time for further announcements on funding.

GGRAsia understands from industry sources that Genting has been examining the option of selling apartment space within the Las Vegas project.


  • tweet
Related articles
  • Genting to pay US$12mln to end lawsuit on Empire Resorts
    Genting to pay US$12mln to end lawsuit...

    Jun 15, 2022  

  • Casino bosses from Malaysia see wealth fall on Forbes
    Casino bosses from Malaysia see wealth...

    Jun 10, 2022  

More news
  • Coughlan to exit as Wynn Macau Ltd president in February
    Coughlan to exit as Wynn Macau Ltd...

    Jul 06, 2022  

  • Fitch downgrades Crown, signs off on rating casino firm
    Fitch downgrades Crown, signs off on...

    Jul 06, 2022  


Latest News

Coughlan to exit as Wynn Macau Ltd president in February

Coughlan to exit as Wynn Macau Ltd president in February

Jul 06, 2022  

Macau casino operator Wynn Macau Ltd said on Wednesday that its long-serving president, Ian Coughlan (pictured), would be leaving his role in February next year. Linda Chen will take over as...
Read More
Fitch downgrades Crown, signs off on rating casino firm

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022  

Macau could launch gaming tender within days: JP Morgan

Macau could launch gaming tender within days: JP Morgan

Jul 06, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”As the Macau gaming revenue structure is now leaning heavily towards the mass business … once the border fully reopens, the recovery from mass should drive the sector to bounce more swiftly”

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at Sanford C. Bernstein



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau’s Grand Lisboa cordoned amid 13-case Covid clusterMacau’s Grand Lisboa cordoned amid 13-case Covid… July 5, 2022
  • Macau publishes amendment to public tender regulationMacau publishes amendment to public tender regulation July 5, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us