Despite Mounting Skepticism, Genting Says Resorts World Las Vegas Will Open in 2020
Posted on: August 27, 2018, 12:00h.
Last updated on: August 27, 2018, 11:05h.
The Genting Group has reiterated their plans to open Resorts World Las Vegas by the end of 2020, even as analysts have started to question whether such an early launch date is feasible at this point.
The $4 billion Las Vegas resort will feature three towers on the north end of the Las Vegas Strip, and could become the first new resort to open on the Strip since The Cosmopolitan opened its doors in December 2010.
Construction Coming Along, But Timeline in Doubt
Construction began at the site of the resort last year, and the complex does appear to be coming along. However, the buildings do not appear to be close to complete, raising questions about whether the casino hotel complex can truly be up and running in the next two years.
One of the loudest voices of skepticism came from Credit Suisse, which said that the opening of Resorts World and The Drew – another large resort being built near the northern end of the Strip – “is likely a 2021+ event.”
Genting officials have tried to dispute that observation, however.
“We are still tracking initial opening by end of 2020,” Genting Americans spokesperson Michael Levoff told the Las Vegas Review-Journal.
Genting Far Behind Initial Target Date
The vision for Resorts World Las Vegas dates back to 2013, when the Genting Group bought 87 acres of land from Boyd Gaming. But progress has slowed and stalled several times over the years: Genting initially planned to open a resort on the plot by 2016, but that date has been pushed back several times.
Those previous setbacks are undoubtedly a major factor in the lack of confidence that analysts have in the latest estimates. There’s also the fact that Genting will likely do whatever it can to make a great impression: this is the first time the company has built a casino in Nevada, and it will want to stand out against the stiff competition up and down the Strip.
Once built, the resort is likely to target mid-market Chinese visitors, provided an escalated trade war doesn’t make it difficult to attract those customers to the United States. The complex is being designed using Chinese themes, with a giant Chinese lantern on one tower and red and white patterning throughout the casino. Many of the smaller buildings are being designed in traditional Chinese styles as well.
Genting has pointed to a number of specific construction goals on the way to a 2020 opening. The firm says that glass will begin to be installed this fall, while the first two towers will be topped out by fall 2019.
In addition, not every aspect of the resort has to be ready to go in order for the facility to open. Many large casino projects launch in stages, and earlier comments have suggested that’s the plan for Resorts World Las Vegas as well.
“The first phase of RWLV will be done in stages and will include a hotel; multiple restaurants including a variety of authentic, regional Chinese cuisines; over 100,000 square feet of innovative gaming space, numerous retail offerings; and a top-tier nightlife venue,” states the Resorts World Las Vegas website.
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