US$350m LAND PURCHASE: Group eyes hotels and 175,000 sq ft of gaming space
GENTING Bhd is planning to build an integrated resort in Las Vegas, to be known as Resorts World Las Vegas, with 3,500 hotel rooms and 175,000 sq ft of total gaming space.
The gaming group bought 35.2ha of freehold land in Las Vegas, Nevada, from Boyd Gaming Corporation, a US-based casino entertainment company, for US$350 million (RM1.09 billion) cash.
This will mark the gaming company's first destination resort in Las Vegas.
"We are incredibly grateful to the leaders of the State of Nevada, Clark County and the City of Las Vegas for joining us in announcing what will be a fantastic addition to the top resort destination in the US," said chairman and chief executive of the Genting Group, KT Lim.
"This is a great day for Genting, Las Vegas, and the State of Nevada, and we look forward to taking full advantage of this exciting new opportunity," he said in a press release issued yesterday.
"The entrance of one of the world's leading resort gaming developers into Nevada is another fantastic sign that Las Vegas and The Strip are poised for great things moving forward in 2013 and beyond," said Nevada governor Brian Sandoval.
The property lies at the north end of South Las Vegas Boulevard or the famous Las Vegas Strip and consists of six parcels of freehold spread over 35.2ha.
The integrated resort will have hotels, gaming space across several floors, convention centres and several luxury dining and retail amenities.
The resort will include additional convention space for Las Vegas trade shows, helping the city attract international business travellers with a distinct focus on business-to-business events and conferences.
"Over the course of the construction and operation process, Resorts World Las Vegas will bring tens of thousands of jobs to Southern Nevada for many years to come," it said.
Genting told Bursa Malaysia Bhd that it plans to undertake the development either singly or jointly with other parties and will announce the details of the development plans in due course.
The property represents one of the last major developable sites on the Las Vegas Strip corridor, with a considerable frontage along South Las Vegas Boulevard and full entitlement to apply for a non-restricted gaming licence.
"Coupled with a purchase price that is at a significant discount to the independently appraised value, the proposed acquisition represents a good opportunity for the Genting group to enter the Las Vegas market at an attractive price and in the midst of a recovering US economy," it told Bursa Malaysia.
The Genting Group has gaming facilities and is licensed in the jurisdictions of Malaysia, the Philippines, the UK, Singapore, Bahamas and the State of New York.