Genting Group, a global company operating destination resorts in the Americas, Malaysia, the Philippines, Singapore and the United Kingdom, has acquired the 87âacre Echelon parcel from Boyd Gaming, which Genting will use to create Resorts World Las Vegas, the company’s first destination resort in Las Vegas.
Gaming reportedly sold the Echelon site to Genting for $350 million in cash. Boyd
has previously taken a oneâtime,
impairment charge of approximately $994 million on Echelon in 2012.
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
Group did not release the cost of the project or when it would be completed.
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 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.
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.”
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.
is an unparalleled opportunity to showcase what has made the Resorts World
brand a globally recognized success for the past several decades,” Lim said.
Genting Group buys Echelon site, announces Resorts World Las Vegas project
March 5, 2013