Construction Begins On Resorts World Las Vegas$4 Billion Casino Complex To Begin Taking Bets In 2018 |
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Ground was broken Tuesday for the $4 billion Resorts World Las Vegas on the Strip.
The casino, which will be the first new mega-resort to be built on the Strip in 10 years, should open sometime in the middle of 2018. The project will open in phases, though.
The site is Boyd Gaming’s unfinished Echelon development, which Malaysia-based Genting Berhad bought for $350 million several years ago. The Echelon project faltered thanks to the Great Recession. 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 and basically across the street from the Riviera, which closed this week after 60 years in operation to make way for the $2.3 billion Las Vegas Global Business District project.
Las Vegas has recovered from the economic crisis, and it relies less on gambling revenue these days for growth. The peak for Nevada’s gaming industry was $12.8 billion in winnings off of gamblers, set in 2007. Gaming revenue fell significantly in the years after the Great Recession, and now seems to have settled in at roughly $11 billion a year.
Last year, gaming win fell slightly after four straight years of upticks.
Along with a 175,000-square-foot gaming floor, featuring a combined 3,500 slot machines and table games, Resorts World will have a movie theater, bowling alley, waterpark, a panda exhibit and a replica of the Great Wall of China, according to the Las Vegas Review-Journal.
“This is a day that we’ve been waiting for a very long time,” Gov. Brian Sandoval reportedly said at the ground breaking, which was attended by roughly 250 people.
Here’s what the site looks like right now:
Here’s what the property should look like in a handful of years:
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