Resorts World Las Vegas on track to open by end-2020 — Genting

This article first appeared in The Edge Financial Daily, on April 10, 2019.
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KUALA LUMPUR: Genting Bhd said the construction of Resorts World Las Vegas is progressing well, with the casino and resort on track to open by end-2020.

Concrete works up to level 57 of the West Tower and level 54 of the East Tower are completed, and the hotel towers are scheduled to reach a full height at level 68 in the third quarter of 2019, said Genting.

Genting chairman and chief executive officer Tan Sri Lim Kok Thay said this is in the group’s 2018 annual report. Resorts World Las Vegas LLC is an indirect wholly-owned subsidiary of Genting.

Lim said the total development and land costs incurred up to Dec 31, 2018 were about US$1 billion. He added that the first phase is estimated to cost about US$4 billion (RM16.36 billion).

“The resort property is built at a premier location on the Las Vegas Strip adjacent to other exciting developments, including the new Las Vegas Convention Centre’s expansion.

“The Resorts World Las Vegas team will continue to work closely with contractors, engineers, material suppliers and the local and state authorities to complete the project on schedule and within budget.”

Resorts World Las Vegas has become one of Nevada state’s largest construction employers and a key contributor to economic growth in Las Vegas with most of its jobs generated for the local community, Lim added.

Genting is “cautiously optimistic” about this year due to uncertainties in the global economy, the volatility in currencies and commodity prices, and an intensifying competition in regional business given a challenging operating environment.

“Regulatory changes such as the revision of casino duties and licence fee in Malaysia effective from 2019 will adversely impact Genting Malaysia Bhd’s financial performance,” said Lim, adding that the group is actively monitoring, planning and implementing strategic measures to mitigate any key business risk.

Lim said the group will still work diligently to ensure its existing businesses remain strong and deliver a top performance.

“We are a leading multinational corporation committed to enhancing shareholders’ value and maintaining a sustainable long-term growth in our core businesses.”

On Genting Singapore Ltd, Lim said the company will still refine its marketing strategies to improve customer experiences by refreshing Resorts World Sentosa’s facilities and product offerings.

“With reference to the Japan Integrated Resort opportunity, Genting Singapore is looking forward to the Japanese government publishing detailed regulations for the establishment of integrated resorts.”

Meanwhile, Genting Singapore is deploying significant resources on the ground, actively developing designs and concepts from bids and engaging with stakeholders to prepare for the formal bidding, expected to commence in the second half of 2019, he added.

Genting shares closed unchanged at RM6.83 yesterday, with a market capitalisation of RM26.3 billion.