LAS VEGAS—The Genting Group of Malaysia said today that it plans to build a $2 billion resort and casino on the 87-acre Echelon site were construction on another project was halted during the recession.
Nevada elected officials today joined Genting Group Chairman KT Lim in announcing plans for Resorts World Las Vegas, Genting's first destination resort in Las Vegas, a world-class destination resort with 3,500 rooms in the first phase, as well as 175,000 square feet of total gaming space, and several luxury dining and retail amenities. The resort will also include additional convention space for Las Vegas trade shows, helping the city attract international business travelers with a distinct focus on business-to-business events and conferences.
Genting, which operates casinos in Singapore and New York City, will pay Boyd Gaming Corporation $350 million for Echelon, and will spend $2 billion to build the resort, and expects to open in 2016. Development at the site stalled at the beginning of the recession five years ago.
"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 United States," said KT Lim, chairman and CEO of the Genting Group. "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."
"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," Governor Brian Sandoval said. "The Genting Group and Resorts World Las Vegas will bring several thousand new jobs to our state, and will help us in keeping our economic resurgence on the right path towards success. I'd like to welcome Genting to the great state of Nevada, and we all look forward to the ground breaking of this new dynamic project."
Over the course of the construction and operation process, Resorts World Las Vegas will bring tens of thousands of jobs to Southern Nevada, Senator Harry Reid (D-NV) said.
"Las Vegas is considered the gold standard in the world of gaming, resorts, and entertainment, and this project is an incredible addition to the thriving industries that call Las Vegas and Nevada home," Reid said. "A project of this size and magnitude will not only attract more visitors to our state, but will be a boon to the Nevada economy both in terms of jobs and Southern Nevada's continued economic recovery and growth."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
