Resorts World…Las Vegas?
Posted on: March 12, 2013
Resorts World Sentosa in Singapore
It was just announced that Genting, the parent company for Resorts World properties in Singapore, the Phillipines and New York City (Queens) to name a few, is planning a Resorts World property in Las Vegas at the site of the Echelon property which was never completed. This could mean big things for an already massive worldwide powerhouse, but there are mixed feelings from the Las Vegas community.
There is some fear that a $2 to $7 billion dollar property will add to a market which some say is already over-saturated with hotel rooms. In a recently published article, by 2016 when the property is slated to open Las Vegas would “need to add at least 800,000 more visitors per year to maintain current hotel occupancy levels.”
Resorts World Manila
Additionally, the former Sands is undergoing renovations and will open as the new SLS Resort, owned by the Los Angeles based SBE Entertainment company. This will add more hotel rooms and another entertainment option for visitors to Las Vegas.
The combination of these two upcoming openings could pose a problem for existing Strip properties like Caesars Palace, the Venetian/Palazzo, the Wynn/Encore and the Bellagio who count on the high end Asian Baccarat business that they attract from China and the Far East. This is especially true if the Resorts World property does open. Genting is an Asian powerhouse gaming and entertainment company with many high end Asian customers. Last year alone Resorts World Sentosa brought in almost $3 billion in in gaming revenues. That’s just slightly more than all of MGM Resorts Casinos combined made in 2012.
Resorts World New York City
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