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Vegas rebound: Genting Group acquires assets of stalled Vegas casino-resort

Vegas rebound: Genting Group acquires assets of stalled Vegas casino-resort

Will build $2 billion hotel-casino development


By BD+C Staff | March 7, 2013
Vegas rebound: Genting Group acquires assets of stalled Vegas casino-resort
Vegas rebound: Genting Group acquires assets of stalled Vegas casino-resort

International hospitality giant Genting Group has announced a deal with Boyd Gaming Corp. to purchase the land and assets, including partially built structures, of the stalled Echelon casino-resort in Las Vegas. The company will pay Boyd $350 million for the 87-acre property, according to the Las Vegas Review-Journal.

Genting, which owns and operates properties in Malaysia, Singapore, and New York City, is planning to build a $2 billion hotel-casino development, called Resorts World Las Vegas, that will feature 3,500 rooms, a 175,000-sf casino, convention space, and some 200,000 sf of retail and restaurants. 

The plan includes completing many of the partially built structures on the site, including hotel structures and a parking garage. It's expected to open in 2016.

The development is the second major Las Vegas construction announcement in the past month. In last February, SLS Hotels broke ground on a $415 million makeover of the Sahara Hotel, which closed in 2011 after nearly 60 years on the Strip.

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