Genting clears hurdle for US$4 billion Resorts World Las Vegas

KUALA LUMPUR (May 5): Genting Bhd has obtained the Nevada Gaming Control Board's approval to become a publicly-traded corporation to pursue the Malaysian entity's planned US$4 billion (about RM16 billion) Resorts World Las Vegas.  

Las Vegas Review-Journal, quoting Genting officials and control board chairman A.G. Burnett, reported that regulators, in unanimous votes, "recommended approval of the suitability of officers, directors and shareholders, Genting’s registration as a public company and its interactive subsidiary for mobile gaming and a loyalty program".

“The recommendation will go to the Nevada Gaming Commission for consideration May 19,” Las Vegas Review-Journal reported.

Las Vegas Review-Journal reported that the resort was initially projected to have 3,000 rooms and include a 56-storey tower. According to the report, the resort was earlier expected to be opened in 2018.

Genting has however revised its plan. Las Vegas Review-Journal reported that Genting officials told regulators subtle refinements had been made to the Chinese-themed resort, which Genting said would include a 150,000 sq ft casino and open in 2019.

Las Vegas Review-Journal reported: "Among the licenses recommended for approval Wednesday was an application from Genting Nevada Interactive Gaming. The company is developing and manufacturing proprietary gaming machines and concepts, specifically designed to appeal to millennial players, for the Las Vegas property."

“The company (Genting Bhd) previously presented plans for more rooms and a variety of entertainment amenities that could be added after the planned opening,” Las Vegas Review-Journal reported.

Burnett was quoted as saying after the board vote that he was not concerned that little had changed at the proposed resort's 35ha (87 acre) site since the groundbreaking ceremony a year earlier.

“In my view, Genting is just taking a cautious and deliberative approach. But after slowing things down, I think they’re ready to go,” Burnett said. -- theedgemarkets.com

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