Las Vegas Strip to get new iconic resort after a decade

Resorts World to open in June

By Buck Wargo – SiGMA US correspondent

Las Vegas could not be preparing any better for a full economic comeback than with the announcement of a new multi-billion resort opening-up in June.

Resorts World, the first investment of its kind since the opening of The Cosmopolitan in 2010, is a $4.3 billion gaming resort by the Malaysia-based Genting Group on The Strip.

The resort’s opening announcement this week represents a shot-in-the arm for Las Vegas and serves as a milestone in the winding down efforts of a post-pandemic crisis.

The new Las Vegas Resorts World will have more than 117,000 square feet of gaming areas and 3,500 rooms operated by Hilton and its luxury brand Crockfords, along with its collection of independent properties under the LXR brand.

Among its amenities the new entertainment facility will have a 5,000-capacity theatre, a 27,000-square-foot spa and 5.5-acre pool complete with seven pool experiences, including an infinity pool with views of the Strip.

Resorts World will also include 100,000 square feet of nightclubs and dayclubs, restaurants ranging from street food to Michelin star dining, curated retail collections with globally recognized brands such as Judith Leiber and Hervé Léger and a 250,000 square meters in in meeting and convention space. As part of the post-pandemic strategy adopted by the city, casinos, convention facilities, and entertainment venues holding up to 20,000 people are on track to reopen. Some 60 per cent of Las Vegas’ 1.8 million people eligible to be vaccinated are expected to have at least one shot by the beginning of May. Casinos  themselves have ramped up vaccination efforts among their workers to make visitors feel safe.

ANALYSTS WEIGH IN ON OPENING

“It’s a pretty exciting time for Las Vegas,” said Brent Pirosch, a gaming analyst for CBRE. We’re coming up traditionally on a busy time of the year as Resorts World opens for leisure visitors.

It should open around a time the nation will reach a 70 per cent vaccination rate. These are good things happening at the same time.”

Historically, the opening of new properties generate additional visitors to Las Vegas and Resorts World will is expected to attract global visitors when international travel resumes. Visits to Las Vegas has already picked up significantly lately as casino capacity was increased and pools reopened their gates. A Resorts World has been in the offing since 2007 when Boyd Gaming demolished the Stardust.

The project stalled in 2008, due to the global recession until Genting acquired the property in 2013.
The announcement of the opening of Resorts World comes just a week after Bally’s Corporation paid $308 million for the Tropicana Las Vegas Hotel on the Strip.

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