Genting, a large Malaysian hotel-casino and real estate operator, has recently unveiled plans for a new multi-billion dollar resort development on the north end of the Las Vegas Strip. Upon completion, the new Resort World Las Vegas will feature 3500 rooms, 175,000 square foot of gaming space on multiple floors, 500,000 square feet of convention space, and 300,000 square feet of dining and retail space. The tentative completion date of the new complex is sometime in 2016, with major construction activities slated to commence next year.
The total cost of the new Asian-themed complex will range within $2 - $7 billion according to the Genting Group. The project will unfold on the 87 - acre North Strip site where the failed Echelon project (Boyd Gaming) ceased development in 2008 near the onset of the recession. The site was the former home of the famed Stardust Hotel of Vegas yesteryear. Genting purchased the property from Boyd for $350 million (about $4 million per acre), a literal steal based on price per acre costs on the Strip prior to the recession.
The Asian theme will include a replica of the Great Wall of China, tea gardens, outdoor pagodas, and a 7.5-acre indoor water amusement park. The new resort will be the largest Asian-themed resort on the Strip, and will theoretically draw an influx of potential high-rolling Asian gamblers.
This announcement reflects much needed reinvestment and activity in the North Strip area. This recent announcement follows last month's news that the former Sahara resort in this general area will be renovated and transformed into the new SLS Las Vegas, which is slated to open sometime in the fall of 2014.
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