Genting Group buys Echelon site, announces Resorts World Las Vegas project
Boyd Gaming reportedly sold the Echelon site to Genting for $350 million in cash. Boyd has previously taken a oneâtime, nonâcash pretax impairment charge of approximately $994 million on Echelon in 2012.
According to a company press release, Resorts World Las Vegas will be a worldâclass destination resort with 3,500 rooms in the first phase, as well as 175,000 square feet of total gaming space across several gaming floors, 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 businessâtoâbusiness events and conferences.
Genting Group did not release the cost of the project or when it would be completed.
“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.”
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.
“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 Gov. Brian Sandoval. “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.”
The Genting Group currently has gaming facilities and is licensed in the jurisdictions of Malaysia, the Philippines, the United Kingdom, Singapore, Bahamas and the State of New York. Genting has over 40 years of experience developing and operating destination resorts that collectively employ about 60,000 people and offer an unparalleled resort experience to over 50 million visitors a year.
“This is an unparalleled opportunity to showcase what has made the Resorts World brand a globally recognized success for the past several decades,” Lim said.