Resorts World Las Vegas Readying to Begin Major Construction
Posted on: October 18, 2017, 04:00h.
Last updated on: October 18, 2017, 12:43h.
Resorts World Las Vegas President Ed Farrell says the project is moving forward and major construction will begin in the coming days on the 3,000-room Asian-themed casino resort.
KSNV, Las Vegas’ local NBC affiliate, toured the 87-acre site this week with Farrell, who provided updates on the progress. Farrell explained that the appropriate permits have been obtained, and W.A. Richardson Builders has been hired to construct the massive integrated resort.
Owned by Malaysian-based Genting Group, Resorts World Las Vegas sits on land that previously housed the Stardust. Boyd Gaming was in the early stages of building a 5,300-room resort and casino when it abandoned such plans as the Great Recession hit.
Genting bought the land, and Boyd’s unfinished structure, in 2013 for $350 million. Farrell said some of the Boyd work will be incorporated into Resorts World.
Vision Kept Close
Genting Group admits that the design for Resorts World Las Vegas has shifted slightly away from its original Chinese theme to one of a more modern Asian concept. But Michael Levoff, Resorts World senior vice president of public affairs, refused to provide specifics on what the property will ultimately look like. “We plan to roll out those details over the next three years,” he stated this week.
In a statement, Resorts World said $400 million in contracts have been reached. The deals cover an array of construction processes ranging from bulk concrete and steel orders, to crane equipment and operator hires.
Resorts World said about 2,000 workers will be on site during the project’s busiest period. The $4 billion resort is expected to take three years to finish, with a tentative opening date sometime in late 2020.
The northern part of the Strip is seeing an investment boom in recent months.
SLS Las Vegas, considered the furthest casino north still on the Strip, was sold in May to the Meruelo Group. A month later, the Stratosphere (though not typically labeled a Strip property) found a new owner, too.
The biggest acquisition came last month when it was revealed that billionaire Carl Icahn was selling Fontainebleau to real estate investment bigwig Steve Witkoff for $600 million. The 3,815-room property is nearly finished, and sits just steps north of Resorts World.
With nearly 7,000 rooms coming online in the next few years, Las Vegas tourism will need to continue growing.
According to the Las Vegas Convention and Visitors Authority, Strip hotel occupancy in 2017 through August is at 91.6 percent during the week, with rates soaring to almost 96 percent citywide on weekends.
However, visitor volume is down one percent, and the months ahead will prove critical in determining whether would-be Las Vegas visitors have apprehensions in visiting Sin City following the October 1 deadly mass shooting on the Strip’s southern end.
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