The early success of its newest integrated resort, Resorts World Las Vegas, has prompted Malaysia’s Genting Bhd to seek a North American stock listing, according to Bernstein Research.
In addition to the $4.3 billion Las Vegas property, which opened to great fanfare on June 24, Genting Americas runs slot operations at Resorts World New York City and Resorts World Catskills in Monticello, New York. It also has secured waterfront land in Miami in hopes of developing the market there.
“But all will depend on the success of Resorts World Las Vegas,” said Bernstein, which expressed approval of the North Strip property. “Coming on the heels of the Covid epidemic that had left Las Vegas a temporary ghost town, the city is alive again, with leisure and gaming visitors flocking back and anticipation that the throng of conventioneers will soon follow. It is into this bullish demand resurgence that Genting’s US$4.3 billion gamble is opening.”
Analysts Vitaly Umansky, Kelsey Zhu and Louis Li said the property’s positioning, management team and quality “bring new competition to long-established casino properties and the result will be a better, more vibrant Las Vegas.”
However, they added, “a digital strategy may be needed” for a North American listing.
Genting Group Chairman and CEO Lim Kok Thay told Bloomberg TV he’ll look at listing in the United States “sooner rather than later,” reported Inside Asian Gaming.
“As the numbers pick up and when investor confidence returns, that is something we will seriously look at in terms of consolidating our U.S. investment and then seeking a listing,” he said.
Genting Bhd also owns Resorts World Sentosa in Singapore, as well as its flagship property in Genting Highlands in Malaysia.
