Genting close to getting all Nevada licences: Telsey

Jun 20, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck, World  

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Malaysia’s Genting Bhd is still waiting for all relevant official permits before starting construction on its Las Vegas casino resort, says U.S.-based Telsey Advisory Group. Last month the Nevada Gaming Commission granted Genting preliminary approval of suitability.

“Initial expectations are for Genting to receive all licences and permits by the end of June, at which point we should start to see some movement, though that all still remains uncertain,” the research house said in a report on Thursday.

Genting’s US$4 billion casino resort would incorporate up to 85 percent of the buildings in the half-built Echelon project, which stalled amid the financial recession. Genting bought the site from Boyd Gaming Corp in March 2013 for US$350 million.

Nevada gambling regulators said in May they found Genting and its directors suitable. But the company will still need to apply for a full gaming licence before Resorts World Las Vegas (seen above in an artist’s rendering) can open.

“The start of construction will be a significant economic impact for Vegas, particularly the regional gaming markets which should benefit from the increased construction employment,” Telsey said.

In Thursday’s report Telsey also said business in Las Vegas seems to be picking up.

“The higher-end casino offerings continue to see strong visitation volumes and a very healthy business both on and off the gaming floor. This week, however, we would note particular strength in some of the Strip’s more mid-level product[s],” it said following visits to several properties.

The brokerage said electronic table games (ETGs) are gaining floor share across Las Vegas casinos. “It was hard to find a casino floor without electronic tables, and they were some of the busiest games we noticed on the floor,” it said.

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