Having been hit by the down-turn in the economy, a casino complex project has been abandoned since August 2008, but Las Vegas is celebrating the news that it has been bought by the Genting Group.
The Malaysian-based gaming group has announced it has paid $350 million to the Boyd Gaming Corporation for the site.
Genting plan to build a hotel and casino complex on the Echelon site, which will include a theatre, over 500,000 square foot of convention space, 250,000 square foot of retail space and multiple restaurants. The Resorts World Las Vegas will stretch over 87 acres and create a few thousand jobs, with the first phase having a 175,000 square foot casino and 3,500 rooms. Construction is scheduled to start on the first phase in 2014 and finish in 2016. It will be the first mega resort to be built in Vegas since the present economic situation hit the industry, although a renovation project of the Sahara was announced in February.
The Genting Group who already have casinos in New York and Singapore, employ over 58,000 staff and were valued at $38 billion on 31st January. Resorts World Sentosa in Singapore is currently their most successful enterprise, bringing in $2.94 billion in gaming revenue in 2012, with the Resorts World New York bringing in $38 million.