Icr135 digital

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CR135-p01-Front_Coinslot NEW 02/01/2014 16:38 Page 1

News

WWW.CASINOREVIEW-ONLINE.COM • JANUARY 2014 • EDITION 135

Europe

FRENCH CONNECTION FRANCE’S GOVERNMENT FINALLY RELAXES CASINO HOUR RESTRICTIONS 6-7

INNOVATION AT ICE

Creative spirit sets the London scene

IS IT THE END OF THE EUROVEGAS ROAD?

PREVIEW TO ICE 30-45

WORLD 3

THE BUSINESS NEWSPAPER FOR THE GLOBAL CASINO INDUSTRY

Malaysia’s Genting Group has announced how much it expects to put into its Las Vegas project. But it won’t start construction until it gets the nod from the Nevada authorities. Report by Hugh Sorrill.

M UNITED STATES

LAS VEGAS DEVELOPMENT

Resorts World Las Vegas may start phased opening in 2015

ANALYSIS enting’s march into the global market place aims to see it develop from a highly respected brand in Asia, to a respected brand everywhere. The Genting name is being used a lot more frequently in respect of its international investments but what it really wants to leverage is the Resorts World brand, which it is attaching to the major IRs it either operates already or is in the process of developing. IRs represent the major growth area at the moment - in Asia notably, especially with the possibilities expected for Japan. Taking on the stalled development in Las Vegas is a riskier option on the face of it, however, there are good reasons why Genting might have more success than others. Las Vegas is still synonymous with casino entertainment, and the number of Asian visitors there is rising every year and will only keep rising for the foreseeable future. Genting’s brand in Asia is extremely strong, it has a loyal customer base, and the company has an active policy of marketing its other venues to them wherever they are. One shouldn’t expect visitors to Resorts World Las Vegas to be exclusively Asian, but they will expect Asian visitors to be there in significant numbers.

G

Genting to invest up to $4bn in Las Vegas alaysian gaming giant Genting, which bought the unfinished Echelon site at the north end of the Las Vegas Strip in March, has said it will spend between $3bn and $4bn (E2.2bn and E2.9bn) on redeveloping the plot as Resorts World Las Vegas. The company bought the 35-hectare site where the Stardust was once located for $365m (E265m) from Boyd Gaming. At a press conference at the Malaysian flagship Genting Highlands resort in December, chairman Lim Kok Thay said: “We’re at the planning stage at the moment. The group is undergoing regulatory investigations by the Nevada Gaming Board, which is one of the strictest you can get. I’m quite confident we’ll obtain

this licence, and only with that will we commence the construction.” Assuming no bumps in that road, Genting hopes to have the first phase open some time in 2015, featuring 3,500 hotel rooms and several gaming floors totalling more than 16,250 sq m. There will also be luxury dining and retail outlets, plus additional convention space. Some commentators are suggesting 2016 might be a more a likely date. Genting has been pursuing a determined path of global expansion - and the US market is a key target. The company already operates Resorts World New York, an electronic casino in Queens that has proven very successful, and was pressing hard to be allowed to develop a spec-

tacular resort casino in Miami, Florida. That project has foundered on the rocks of local politics; if that plan is not yet completely dead, it’s certainly struggling for breath. The main issue is the compacts the state government has with tribal casino operators, especially the Seminole tribe, which runs the Seminole Hard Rock casino in Hollywood, Florida. The compact, which allows slots and gaming tables - but perversely not roulette, comes to an end in 2015 and will be subject to some fierce renegotiation. If the tribes can continue the compacts and include roulette, there may be some leeway that would allow a large non-tribal resort in Miami to be built. If there is the political will.

Genting chairman and CEO Lim Kok Thay

Earlier this year, Genting opened a casino resort on the Bahamian island of Bimini, just 80km or a 2.5-hour cruise, from Miami. There are also two casinos on the Bimini Superfast cruiser: however short the journey, it is an international trip, which is not going to appeal to everyone. But unlike the tribal venues in Florida, it can offer a full casino experience and right on the doorstep of a large market.

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