Company runs the most successful racino in U.S.
International gaming giant Genting continues its quest to conquer the world. The Malaysian-based company, which operates Resorts World-branded properties in Manila, Singapore and New York City, among other major destinations, is expanding its holdings in the Bahamas; building a Strip resort in Las Vegas; and also scoping out a potential casino property in London.
Last fall, Genting bought a parcel of land in the Bahamas next to its Resorts World Bimini, paying US $24.6 million for the 16.2-acre (6.6-hectare) plot. The company will build a 307-room hotel on the land, and may acquire up to 103.4 additional acres for continued expansion.
The company also recently broke ground on Resorts World Jeju in South Korea. The US $1.8 billion project, which will open in phases starting in 2017, will create 6,500 direct jobs on the island and “25,000 indirect job opportunities in a variety of positions,” said Lim Kok Thay, Genting Singapore’s executive chairman.
“RWJ will be a game-changer in Jeju that we believe can help the province attain its goal of surpassing 15 million tourists by 2018,” said Lim. “RWJ will contribute significantly to the local economy. … At least 80 percent of the workforce will be locals.”
The resort will have more than 2,000 rooms and “Jeju’s largest family theme park, largest adventure water park and one of Korea’s most exciting themed retail and food complexes,” according to a company statement.
Union Gaming says the Jeju deal is a good one for Genting, because Chinese gamblers can travel visa-free to the area. Nearly 3 million Chinese visited Jeju last year.
The $4 billion Resorts World Las Vegas, now in development on 87 acres on the Strip, will include 3,000 hotel rooms, a casino with 3,500 slot machines and table games, 30 food and beverage outlets and a 4,000-seat theater.
Genting is also planning a new, 30,000-square-foot Vegas-style casino in the South Kensington section of London.
Needless to add, the company also runs Resorts World at Aqueduct, the most profitable racino in the United States at an historic racetrack in Queens, a borough of New York City. The racino saw double-digit growth in 2013, but expects revenues to grow by “high single digits” for the fiscal year that ends in March.
Genting’s plans for Miami, where it owns hundreds of acres of prime bayfront property, have been stalled by legislators who refuse to approve destination resorts with gaming. But Genting still includes Miami on its website, listed under “future development.”
