CBRE Capital Advisors Inc says the latest corporate governance and management changes at Resorts World Las Vegas LLC are “credit positive” for the firm.
The casino operator announced last week the establishment of a board of directors, appointing industry veteran Jim Murren as chair. The firm also named Alex Dixon as chief executive.
The company is the owner and operator of Resorts World Las Vegas (pictured), a casino complex with more than 3,500 hotel rooms, located in Las Vegas, Nevada, in the United States. Resorts World Las Vegas LLC is an indirect wholly owned subsidiary of Genting Bhd, which also controls casino operators Genting Malaysia Bhd and Genting Singapore Ltd.
Mr Murren and Mr Dixon “both have long operating histories in Las Vegas,” wrote CBRE analysts Colin Mansfield and Connor Parks in a Monday memo. The executives “should be able to attract best-in-class talent and partners to the property,” they added.
CBRE noted that Mr Murren was “highly regarded by regulators and is leading the gaming regulatory body in the United Arab Emirates”. That, it said, should help the Genting group navigate a Nevada Gaming Control Board complaint related to anti-money laundering and illegal gambling activities, for allegedly failing to bar suspected illegal bookmakers and a convicted operator of an illegal gambling business from gambling at Resorts World Las Vegas.
“Long-term, we think Mr Murren could be instrumental in simplifing Genting Bhd’s U.S. strategy and structure, possibly bringing together multiple restricted groups under a unified capital structure, and thus, singular U.S. operating strategy that truly integrates Las Vegas and New York assets,” said the CBRE analysts.
