Genting Group to open $4 billion casino resort on Las Vegas Strip

  • Genting set to expand US market operation
  • New $4 billion land-based casino set to open in 2020

Genting Group is to open the first new casino resort on the Las Vegas Strip in over decade as the Malaysian casino operator continues their US expansion.

The Malaysian conglomerate are expanding by investing heavily in the US Casino market in places such as New York, Miami and Massachusetts; as well as Las Vegas.

The group’s current casino resort in New York at the Aqueduct Racetrack in Queens will also be getting a boost which includes the building of a 400-room hotel and an all new restaurant.

The new Vegas casino, which will open in 2020, is set to cost $4 billion and will have 3000 rooms. The strip hasn’t seen a major hotel open since 2009 but Genting are confident they will succeed with their plans.

New casino to rival the best on the strip

Speaking to the Northwest Arkansas Democrat Gazette Edward Farrell, president of Genting Americas, said: “We want to diversify the portfolio, spread out the risk and be able to leverage international travel by having the right assets in the right cities.

“It will be the newest and one of the best offerings out there on the Strip.”

Genting’s Resorts World New York City at Aqueduct already generates plenty of money, with last year’s gambling revenue totalling an impressive $826.5 million which is 13 percent more than Atlantic City‘s biggest casino, MGM Resorts International’s Borgata Hotel Casino & Spa and 26 percent more than the casino revenue of Wynn Resorts Ltd.’s in Las Vegas.

Farrell is excited about the new developments and said: “Now it’s a good regional gaming product. It will be much more of a destination, a full entertainment facility.”

Genting hoping for more success than on previous attempts

Despite these planned investments generating a lot of excitement, Genting has had less success with its other attempts to expand in the USA.

A $1 billion project for a resort with three hotels and a land-based casino is being delayed by a legal challenge over whether the Mashpee Wampanoag tribe will be allowed to operate it.

A decision is yet to be made on the matter but the operator has already invested heavily in the project.

Genting had also planned to build a large casino at the site of the former Miami Herald building, which was purchased for a hefty $236 million in 2011. However, Florida lawmakers are unsure of the idea of further gambling expansion in the city and it is now unlikely that developments will be made.

OUR VERDICT

It looks like Genting’s new planned investments will be far more successful as the group looks to become even more influential in the USA’s casino market.

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