Things are looking a lot brighter for the northern end of the Las Vegas Strip.
Genting Group, a multinational corporation, has acquired the 87-acre parcel where the unfinished Echelon sits. Today plans were unveiled for the development of Resorts World Las Vegas. It will be Genting Group’s first resort in Las Vegas.
“This is a great day for Genting, Las Vegas and the state of Nevada, and we look forward to taking full advantage of this exciting new opportunity,” said KT Lim, chairman and CEO of Genting Group.
Genting Group purchased the site, where the Stardust stood for almost five decades, from Boyd Gaming Corporation. Although a groundbreaking had been held for the sprawling Echelon project in mid- 2007, construction was halted in 2008 due to the bad economy.
Construction of Resorts World Las Vegas is expected to bring tens of thousands of jobs and billions of dollars in economic development to Southern Nevada. State officials, including Governor Brian Sandoval and U.S. Senate Majority Leader Harry Reid, are happy about the announcement.
“Las Vegas is considered the gold standard in the world of gaming, resorts and entertainment, and this project is an incredible addition to the thriving industries that call Las Vegas and Nevada home,” said Reid in a statement.
The first phase of the dynamic new World Resorts Las Vegas will span approximately 8 million square feet and include more than 3,500 rooms. In addition to a 4,000-seat theater, there will be more than 500,000 square feet of convention space, 250,000 square feet of retail space, 210,000 square feet of dining amenities and 175,000 square feet dedicated to gaming. Groundbreaking is slated for 2014, with the completion of phase one anticipated for 2016.
Founded in 1965, Genting Group got its start in the hospitality and gaming industries with the opening of the hugely popular Resorts World Malaysia in 1971. The company has also developed and operates Resorts World Sentosa in Singapore and Resorts World Manila in the Philippines. Last year, Resorts World New York City was launched. Among the projects currently under construction are Resorts World Bimini in the Bahamas, Resorts World Birmingham in the United Kingdom, Resorts World Miami and Mashpee Wampanoag Casino Resort in Taunton, Mass.
Lim, who joined Genting Group in 1976 and helped grow the company on four continents, is thrilled to be able to “showcase what has made the Resorts World brand a globally recognized success” here.
Said Sandoval, “The entrance of one of the world’s leading resort gaming developers into Nevada is another fantastic sign that Las Vegas and the Strip are poised for great things moving forward in 2013 and beyond.”