New $4B Resort Planned for Vegas

LAS VEGAS—The Genting Group has revealed plans for a multi-phased opening of the highly anticipated Resorts World Las Vegas that will feature 3,500 gaming positions, 3,000 rooms and dozens of food and beverage outlets. “Our goal at Resorts World Las Vegas is to complement existing properties and bring a new and unique entertainment destination to the Las Vegas Strip,” said Genting chairman KT Lim. “Our themed resort will cater to the high-end visitor as well as the budget-minded tourist.  We will give first-time guests a new reason to visit Las Vegas and other tourists a great reason to return. Today represents a big step forward for our development, and we are excited to move forward with our plans.” Genting presented the plans today at a hearing held by the Nevada Gaming Control Board. Construction is expected to begin in the second half of 2014 and take between 24 to 36 months to complete. The construction portion of phase one is estimated to result in 30,000 person years of employment and $1.5 billion in direct wages. The development – situated at 3000 South Las Vegas Boulevard at the site of the old Stardust – will initially consist of a more than 100,000 square-foot gaming floor, a hotel tower, a retail village and a showroom. In phase one alone, the project is expected to create 11,000 direct, indirect and induced jobs. Additional phase one amenities will include: