Genting to spend $3-4 billion on developing unfinished Las Vegas resort

Genting Bhd (KLS:GENTING), Southeast Asia’s largest gaming and leisure group, will spend $3 billion to $4 billion developing an unfinished resort on the Las Vegas strip, its chief executive said on Tuesday. Genting bought the resort from Boyd Gaming Corp (BYD.N) earlier this year for $350 million, in its first push into the U.S. gambling mecca dominated by the likes of Las Vegas Sands (LVS). “We are looking at $3-4 billion in total if we get approval for a casino license (in Las Vegas),” Chief Executive Officer Lim Kok Thay, who was widely credited with the company’s global expansion, told reporters. The project is part of a five-year investment plan by subsidiary Genting Malaysia Bhd (KLS:GENM) to spend close to $1 billion to spruce up Malaysia’s only casino, which is facing increased competition as other countries in the region open up to gaming companies.

    

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