Fitch Ratings has assigned a final rating of ‘A-’ to the loan facilities and notes of Resorts World Las Vegas LLC, the company building a $4 billion integrated resort on the Las Vegas Strip. The notes and loans include a senior secured $1.2 billion revolver and $400 million term-loan facilities due 2024 as well as […]
Resorts World Las Vegas is progressing well and likely to finish on schedule and within budget, with the first phase opening in 2020, Genting said in its annual report.
Genting Bhd said its wholly owned Resorts World Las Vegas unit had priced an offering of $1 billion senior notes, which will be used to finance the remaining costs related to the construction of the resort. The ten-year notes have a coupon of 4.625 percent, payable on a semi-annual basis. S&P Global Ratings has assigned […]
The Genting Group may be finally moving forward with its long-delayed casino project on the Las Vegas Strip, local media reports. The company reportedly hired construction manager W.A. Richardson Builders, LLC (WARB) last week, with the Clark County Building Department approving multiple permits and applications for the project. According to a press release from Genting […]
Genting Group’s proposed Chinese-themed resort in Las Vegas is set to begin construction within the next few months, and is looking at an opening in 2020, local media reports. The newly appointed president of Resorts World Las Vegas, Edward Farrell was speaking to Las Vegas Review Journal in an exclusive interview this week. Farrell said […]
Bernstein has downgraded Genting Singapore from Outperform to Market Perform as a result of a significant amount of cash held in the company’s balance sheet, according to a note on Monday. The casino operator reportedly has S$5.2 billion (US$3.9 billion) cash in the balance sheet, which was previously in part to prepare for a casino […]
Resorts World general counsel Gerald Gardner has told the Nevada Gaming Control Board that full-scale construction will get underway in earnest in the fourth quarter this year, with site activity starting to increase this summer. Gardner told officials that the $4 billion resort is expected to be completed by 2019, a year later than previously […]
Resorts World Las Vegas has received approval from Clark County Commissioners to move forward on its $4 billion hotel-casino project, local media reports. The 87.8 acre North Strip development will include 7,000 hotel rooms, suites and villas with four high-rise hotels as well as a conference center. The initial phase will call for a hotel […]
Malaysia’s Genting Group broke ground on its $4 billion Resorts World Las Vegas project on Tuesday in the first new development on the strip in nearly a decade. The Chinese-themed property will bring cultural attractions, varied cuisine and “jaw-dropping entertainment” from China’s many diverse regions and ethnic groups, it said. The construction phase will create […]
The $1.2 billion Resorts World Catskills opened its doors on February 8, expanding the Genting brand in the U.S., even though the Malaysian company missed out on a license for its own property in New York State. The project, which is the biggest of four new resorts in the upstate area, will be the first IR in the U.S. to carry the Genting name. The company has been pushing hard to penetrate the North American market, though with mixed results.
Since entering the US market in 2011 with the launch of Resorts World New York City, Genting Group has made a number of major investments in the country, indicative of an operator intent on becoming a major player in the market. These projects add up to a serious statement of intent in the U.S. from Genting Malaysia Berhad, the subsidiary which runs the Group’s U.S. casino business, even if a number of question marks remain over the particulars of its various interests.
Genting Malaysia, the country’s only casino operator, is ramping up preparation works as it prepares to begin rolling out the first stages of its RM10.38 billion ($2.46 billion) Genting Integrated Tourism Plan in the second half of this year. The company, which has said that it expects the economic environment to be challenging in 2016, is forecast to open its Sky Avenue & Sky Plaza shopping malls, and a new cable car station progressively by the end of the year. However, its much touted Twentieth Century Fox World theme park has been delayed to late 2017. The plan is still seen as the main catalyst for growth at the company as its overseas operations face headwinds.
The summer of 2015 will go down in the history books as a starkly turbulent period for China. The Asian powerhouse’s economy has stumbled, with trillions of dollars wiped off Chinese shares after a series of stomach-churning plunges.Yet despite these economic woes, analysts don’t expect the outbound investment, which has been targeting hotel and leisure projects across the globe, to take a significant knock.