Resorts World Las Vegas Construction Begins In May$4 Billion Casino Complex Could Open In Stages |
|
A massive $4 billion casino called Resorts World Las Vegas will begin being built on May 4, Malaysia-based Genting Berhad said this week, according to the Las Vegas Review-Journal.
The construction process will take several years. No official timeline has been released due to the size of the project. It reportedly will be built in multiple stages, which means that part of the casino could open while other sections are being completed.
Original estimates for the cost of the casino were between $2 billion and $7 billion.
If the estimated $4 billion price tag holds up, it would be in the same ballpark as the $4.16 billion spent by Deutsche Bank to build the Cosmopolitan of Las Vegas (last year sold for $1.73 billion). That casino was the most expensive ever built in Las Vegas and it struggled.
The site is Boyd Gaming’s unfinished Echelon development, which Genting bought for $350 million several years ago. The plan is to use at least part of the existing structure for the new casino-resort. The site, located at the north end of the Strip, is the old home to the iconic Stardust casino.
Genting has a preliminary OK from Nevada gaming regulators and can begin construction without full approval. The company would have to be fully licensed before the casino could open.
Along with the casino offerings (a combined 3,500 slot machines and table games), the property will have a movie theater, bowling alley, waterpark and a panda exhibit.
Since the Great Recession, Las Vegas has seen a handful of existing casinos completely remodeled. However, the construction of a brand new casino has been elusive.
Resorts World Las Vegas is projected to alone generate $155 million in annual tax revenue.
With Genting’s businesses in Asia, and Macau struggling immensely due to the government crackdown, Resorts World Las Vegas could be an attractive spot for Asian high rollers.
Here’s a look at how the site appears right now:
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
