$4 billion Resorts World licensing looks like a sure thing

The next phase of Las Vegas starts today in, of all places, the Sawyer Building.

Nearly a dozen representatives and executives from Genting Berhad, the Malaysia-based company that acquired the unfinished Echelon project on the Strip for $350 million 14 months ago, will face questions from the Gaming Control Board.

The corporation and several of its entities seek a finding of suitability from Nevada casino authorities. Genting wants to build the $4 billion Resorts World Las Vegas on the largely vacant 87-acre parcel and will proceed after it receives approval.

State gaming agents spent much of the past year investigating the multifaceted corporation, traveling to Malaysia, Singapore, London and New York. It might be the agency’s most expensive and largest probe ever.

The Echelon parcel once was home to the long-demolished Stardust. Genting’s project would result in the Strip’s first new megaresort in nearly a decade. Construction will incorporate much of the unfinished Echelon, which was shut down in 2008.

The hearing at the downtown state office building could take more than two hours. Expect an elaborate presentation on both the company and Resorts World.

If there are any issues with the application, they will be minor. The hearing will be thorough, and a comprehensive regulatory record will be made.

The bottom line?

Short of Genting’s entire board of directors being found to have ties to the Yakuza or Chinese organized crime triads, the company and its representatives will be found suitable by both the Control Board and the Nevada Gaming Commission, which will review the recommendation May 22.

Take that prediction to the bank.

Construction on the complex will start this year and result in some 2,000 to 3,000 construction jobs.

In March, Gov. Brian Sandoval, Clark County officials and local business leaders joined Genting Chairman KT Lim and other company executives in an over-the-top news conference at the offices of architects Steelman Partners to announce Resort World Las Vegas.

Sandoval said two months ago Genting officials had kept him apprised on the progress toward restarting the development.

“I have every confidence that they are moving forward,” Sandoval said in March on the one-year anniversary of the announcement.

Genting is a well-financed operation.

The company has a market capitalization of more than $40 billion, operates casinos around the world, including Resorts World properties in Singapore, Malaysia and Manila, Philippines, and at New York’s Aqueduct Racetrack. Genting has five separate publicly traded entities that operate casinos and other investments.

Genting isn’t shy about spending money in the United States.

A year before buying the Echelon site, Genting paid more than $400 million for 30 acres along Miami’s Biscayne Bay for the planned $3.8 billion Resorts World Miami, which was shelved after Florida lawmakers rejected casino expansion plans. The company is considering alternatives.

In April, Genting said it would bid on one of four casino licenses in upstate New York.

The company’s history and reputation might be one reason Sandoval hosted Lim and the Genting contingent on Labor Day weekend 2012 at the Star restaurant in Elko, where all dined on chorizo sandwiches. At the time, the company was considered its options.

Make no mistake, Sandoval wants Genting in Nevada and the unfinished Echelon site, a north Strip eyesore, made for a perfect development opportunity.

While the Resorts World Las Vegas site has sat seemingly untouched for more than a year, the company was working behind the scenes to move the project forward.

In a 2013 interview with Malaysian media, company officials stressed they wouldn’t move forward without completing the Nevada regulatory investigation, calling the process “one of the strictest you can get.”

Despite the conservative approach, Genting officials expressed confidence they would get a license and “commence the construction.”

Genting representatives today will offer elaborate details about Resorts World, maybe even repeating 2013’s suggestion that the development could include a live panda habitat.

A suitability finding is one step below licensing, which would have to be granted before the development opens in 2016 or 2017.

Either way, the next phase of Las Vegas growth and development opens today at the Sawyer Building.

Howard Stutz’s Inside Gaming column appears Wednesdays and Sundays. He can be reached at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz Twitter.

ad-high_impact_4
Business
Holiday Parade Lights Up Downtown Summerlin
Holiday parade lights up Downtown Summerlin every Friday and Saturday night through Dec. 22.
Nevada's solar industry on the rebound
In 2015, the Nevada Public Utilities Commission voted in favor of a new tariff structure that reduced net energy metering buyback rates and increased fix fees for residential solar customers.
Apartment complexes selling fast in Las Vegas
Las Vegas’ apartment vacancy rate is among the smallest in the country, and rents are climbing faster than the national average. (LVRJ)
Aristocrat Opens $45M Campus In Summerlin
Aristocrat Technologies Chairman Ian Blackburne discusses the company's growth. (LVRJ)
Sunrise Hospital celebrates 60 years
Sunrise Hospital opened its doors to patients on Dec. 15, 1958. Employees of more than 35 years celebrated at a luncheon Wednesday, Dec. 12, 2018. Jessie Bekker/ Las Vegas Review-Journal.
Maya Cinemas to open soon in North Las Vegas
Moctesuma Esparza, CEO of Maya Cinemas, talks about the newest location in North Las Vegas, set to open Jan. 10. The aim of the theatre chain is to serve latino-centric, underserved communities.
Holiday shopping and returns make this the busiest time of year for UPS
The UPS Las Vegas South facility is the company's busiest pre-load operation in the country, and it's even busier this time of year. (K.M. Cannon/Las Vegas Review-Journal)
Primm’s outlet mall has fallen on hard times
The mall, attached to Primm Valley Resort, opened in 1998. Back then, it was a “textbook, perfect outlet-center location." But now, Primm’s outlet mall has fallen on hard times. Las Vegas Boulevard has endless shopping spots. And there are other outlet malls that don’t require a hefty drive to the state line. Its mortgage-holder foreclosed on the mall in late September.
Miltary auction at Ritchie Bros. Auctioneers
Humvees, ammo cans, construction equipment, field gear and more is on the auction block Friday and Saturday at Ritchie Bros. Auctioneers. About 10,000 items in all are for sale in what GovPlanet bills as the largest auction of its kind.
Las Vegas residents discuss avoiding holiday scams
Las Vegas residents discuss their donation habits and how they avoid giving money to scam charities during the holiday season. (Bailey Schulz/Las Vegas Review-Journal)
Tesla’s Nevada Gigafactory ahead of economic impact expectations
The Tesla Gigafactory’s economic impact on Nevada has exceeded projections, bringing in more than 7,000 jobs. In 2014, Nevada agreed to give the automotive and energy company $1.3 billion in tax abatements. In return, Tesla promised to meet certain requirements in areas like employment and capital investment. As of June, Tesla has brought in a total of $6.05 billion in capital investment, surpassing the $4.95 billion projection. The original contract gave the company until 2024 to make $3.5 billion in capital investments in Nevada. Derek Armstrong, deputy director of the Governor’s Office of Economic Development.
Land sales near the Las Vegas Raiders stadium
Land around the Las Vegas stadium site has been selling for high prices. A few months before the stadium’s groundbreaking, Global Trust Group acquired a 2.5-acre parcel just north of the stadium site. The property sold for $7.25 million, or $2.9 million an acre. Osprey Real Estate Capital and Huntington Hotel Group acquired a 2-acre industrial site just west of the stadium site in late November. The property sold for $6.5 million, or $3.15 million per acre. That's roughly 12 times the average price of land in the valley this year as tracked by Colliers International.
T-Mobile Tech Experience Truck parks in Toshiba Plaza at T-Mobile Arena
The Tech Experience Truck is a state-of-the-art showroom on wheels, with demonstrations that put connected drones, smart cities, augmented/virtual reality and smart tracking. The exhibit shows new wireless technology – including 5G and the Internet of Things (IoT). (K.M. Cannon/Las Vegas Review-Journal)
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents to keep them from teetering off into homelessness. Bizuayehu Tesfaye/Las Vrgas Review-Journal @bizutesfaye
Crowds camp out for Chick-fil-A opening
Dozens of customers camped out 24 hours ahead of the 6 a.m. Thursday opening of the new Chick-fil-A on Rainbow Blvd.
Cheapest listings for sale in Las Vegas
Listed for $39,990, 585 S. Royal Crest Circle, Unit #9 is one of the cheapest homes currently listed for sale in Las Vegas. (Caroline Brehman/Las Vegas Review-Journal)
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Terry Miller discusses Convention Center
Project Manager Terry Miller explains the phases of Convention Center construction.
Zappos treats their team members on Cyber Monday
Zappos rolls out a variety of food, drinks and special activities for all team members at their downtown Las Vegas headquarters for Cyber Monday. (K.M. Cannon/Las Vegas Review-Journal)
Team Hybrid at the 2019-Model Motor Trend International Auto Show
Among the companies showing off the 2019 model cars, Team Hybrid shows off its modified cars. Las Vegas resident David David talks about the team, which is in its ninth year exhibiting at the show, and his show car.
Black Friday Shoppers at downtown Summerlin and at the Arsenal
Black Friday shoppers at downtown Summerlin and at the Arsenal. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfYe
Black Friday shopping in Las Vegas
Black Friday sale shopers express their shopping experience. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas Livestock recycling Strip food waste
Las Vegas Livestock collects and recycles food from many Las Vegas Strip companies. (Nicole Raz/Las Vegas Review-Journal)
Black Friday at Fry's
Shoppers line up for deals early on Black Friday at Fry's Electronics on Las Vegas Boulevard South. (Mat Luschek/Las Vegas Review-Journal)
Black Friday shoppers at Best Buy at 5 am
Black Friday shoppers at Best Buy at 5 am on Nov. 23. (Mat Luschek/Las Vegas Review-Journal
Black Friday - 1am Closing Time
Quiet night.
Black Friday - 12:30am - Best Buy Arroyo Crossing
Sam's Town Holiday Lighting Ceremony
On Wednesday, Nov. 21, 2018, Mystic Falls Park opened with its annual tree lighting ceremony, hosted by Boyd Gaming Executive Chairman Bill Boyd. The attraction features a Winter Wonderland theme and holiday-inspired laser light show, available daily Nov. 23 to Jan. 1. (Mat Luschek/Las Vegas Review-Journal)
What Is A Smart City?
George Karayannis, vice president of CityNow, Panasonic’s smart-city arm, explains. (Nicole Raz/Las Vegas Review-Journal)
Walmart uses virtual reality to train employees
Walmart Academy Facilitator demonstrates the VR training program being used by Walmart stores across the country.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like