Genting moves forward on Las Vegas Strip

Genting moves forward on Las Vegas StripThe giant resort project proposed for Las Vegas Strip property formerly owned by Boyd Gaming appears to be picking up momentum more than three years after the purchase.

The Malaysian-based Genting is a multi-national company with major casino operations in the Philippines, Singapore, Malaysia and the U.S. where it operates the country’s largest slots only at New York City’s Aqueduct racetrack, which has more than 5,000 electronic gaming machines. 

This week’s approval of officers, directors and shareholders by the Gaming Control Board is expected to get confirming action from the Nevada Gaming Commission later this month.

There has been relatively little activity on the 80-plus acres that Genting bought in 2013 as the company adopted a slow-down-and-take-it-easy approach since the Chinese economy began to weaken and the central government’s on-going anti-corruption drive resulted in less travel and conspicuous spending by wealthy Chinese.

“Gaming companies with business in Pacific Rim countries have been very sensitive to the uncertainty created by these issues,” said an industry insider familiar with business in that part of the world.

There was a formal groundbreaking a year ago but not much activity on the site since then. A Genting spokesman told the Board that this will change by the end of the year as workers begin to fill some of the 5,000 construction jobs to be created by the planned step-up in activity.

Current predictions are that the Las Vegas property will welcomne its first visitors in about three years.

The company has also been in a holding pattern in Florida since buying waterfront acreage in Miami on the assumption enabling legislation would be passed allowing the company to create a destination resort of the type planned for Las Vegas. Florida lawmakers have still not taken action.

Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: .

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