$4 Billion Resorts World Las Vegas to begin construction in 2014, bringing 11,000 jobs.
Resorts World received the initial approvals from the Nevada Gaming Control Board that I mentioned this past week. With that step, Malaysia based Genting Group plans to begin Phase 1 construction of Resorts World Las Vegas on the Strip north of Desert Inn Rd. The total for completion of all phases of the project has an estimate of $7 billion, a sizable investment in Las Vegas.
RW Phase 1 (PRNewsFoto/Genting Group)
The site is on the former Boyd Gaming Echelon Place, an unfinished property that Genting purchased for $350 million in 2013. A large portion of the partially erected structures on the 87 acre site that was once home to the famed Stardust will be incorporated into their new resort.
This Resorts World Las Vegas video flyover shows the initial conceptual design by Las Vegas based Steelman Partners Architects. In this recent PR Newswire Genting Group Press Release, they state that Phase 1 construction will take 24 - 36 months to complete and will provide $1.5 billion in direct wages. This phase alone is expected to create 11,000 direct, indirect and induced jobs and will develop a 100,000 sf gaming floor, hotel tower with over 3000 rooms, retail village, and an entertainment showroom. From the Press Release:
Additional phase one amenities will include:
- More than 3,500 gaming positions (slots and table games combined)
- More than 3,000 keys
- 22 villas
- More than 15 retail venues
- More than 30 food and beverage outlets
- An aquarium
- A center bar featuring live entertainment
- An observation deck with views down the strip
RW Phase 2. (PRNewsFoto/Genting Group)
In subsequent phases, Resorts World Las Vegas will add:
- Three new hotel towers
- A new, still-to-be determined, large-scale attraction
- Additional gaming space
- A smaller, more intimate theater that seats approximately 1,000 to 1,500 people
- An approximately 1 million square foot convention center
- A water park
- A movie theater
- A bowling alley
Beyond the investment and job creation Resorts World appears to add much more to Las Vegas. As an established multinational, they have their own large customer base, so they won't be taking a 'slice of the pie', but instead making it larger. While their resort concept will have offerings to cater to high-end clientele, they also have the budget traveler in mind, something that was lost in the last Las Vegas Strip Building Boom.
Resorts World also plans to go back to what was once a Las Vegas standard, the Themed Resort. That allowed the vacationer to escape to another part of the globe, culture, or period in time. In addition, their proposed amenities return to the once abandoned idea of family attractions of Las Vegas. Bowling Alleys, Movie Theaters, a Water Park, Aquarium, and a new TBD large scaled attraction. The local gaming companies have realized there has to be something more than just gaming to attract visitors and have been heading in that direction with their new projects.
You'll also notice that besides the first phase showroom their center bar will have Live Entertainment, a valuable intangible asset that was once a Las Vegas standard. Having supported live entertainment with our involvement in creating the Las Vegas entertainment community's - The Vegas Underground, I've seen the pent-up demand for live performance with standing room only crowds. By getting to know so many of the entertainers living here, I can tell you there's a lot of top talent in this town ready to fill any new openings. With the additional phases of Resorts World calling for a second, more intimate theater, it appears Resorts World Las Vegas will be expanding their future entertainment lineup, as well.
Las Vegas has turned a corner since the global economic collapse. In March of this year it set an all time Las Vegas record monthly vistor count of 3.7 million. This on the heels of 2012 and 2013 setting records for annual Las Vegas visitors at nearly 40 million.
Resorts World will bring even more for travelers, adding something fresh to the table while complimenting the many projects opening or underway. There is the recently opened LINQ project with the High Roller, the world's tallest Observation Wheel. The former Imperial Palace now The Quad, with both it and O'Sheas recreated, as Bill's Gambling Hall has transformed into the Cromwell Las Vegas. Work continues on the new Park streetscape project between NYNY and Monte Carlo that will lead to the new $375 million AEG - MGM 20,000 seat arena under construction. This fall the former Sahara is reincarnated as the SLS Las Vegas. 'The Hotel' at Mandalay Bay rebuilt as Delano Las Vegas and their latest plans call for a fall 2014 $66 million expansion of the Mandalay Bay Convention Center. All this while the Las Vegas Convention Center's $2.5 billion expansion into the Las Vegas Global Business District is progressing and Zappo's Tony Hsieh has invested $350 million in the Downtown Project that is revitalizing downtown Las Vegas.
Genting Group's Resorts World Las Vegas is a welcome addition to this latest rebirth of Las Vegas. With their major investment they have obviously recognized the city for it's ability to reinvent itself and grow as a global destination for both travelers and business. I know I'll be looking forward to their addition to the Las Vegas skyline as well as the jobs and economic growth they will bring.
If you are interested in relocating to Las Vegas, or listing your home in the Las Vegas Valley, I hope you'll allow me the opportunity to assist you. I can be reached by email at Roberta@RobertaLaRocca.com or give me a call at 702-354-8988. I look forward to hear from you!