Inside Asian Gaming

August 2016 inside asian gaming 23 In Focus The pace, obviously, has been deliberative. Money is not the issue. Genting has plenty. Reports are that an equity package valued at US$1 billion is in place to fund the first phase. But the company does have a lot of investment irons in the fire – a major expansion of its flagship Genting Highlands resort complex in Malaysia; an expansion at Resorts World NYC; casino hotels under development in South Korea, Manila and the US state of Massachusetts; and a protracted battle to develop a luxury non-gaming resort in Miami which it now appears the company may lose. It could be they are looking for partners. It could also be that the collapse of the Macau VIP market has given them some pause. High-end baccarat play, mostly from China, had carried Strip gaming revenues through most of the recession, but it has softened noticeably since. If the same factors weighing on Macau – a slowing Chinese economy coupled with a widespread government crackdown on corruption, lavish spending and illicit capital flows – are now being felt in the high-roller salons on the Strip it could be a matter of concern. It does appear the design continues to be amended. That’s not uncommon for projects of this size. Newer renderings show a gleaming red hotel tower adorned with a giant replica of a ceremonial Chinese lantern that will rise and descend along one side of the exterior. There had been talk three years ago of a live panda habitat, something elaborate by way of a replica of the Great Wall of China and a recreation of the terra cotta army of China’s first emperor. These have given way, at least in the first phase, to a “Chinese garden” overlooked by a row of restaurants and an outdoor “celestial sphere” for projecting billboard-sized selfies. The gaming floor will still be huge at 150,000 square feet and what’s interesting about this is that Genting has applied for and received Nevada licensing for a subsidiary that will develop and manufacture proprietary games and gaming concepts exclusive to Resorts World. A NEW VEGAS What is certain is that when Resorts World does open, the Strip will be a dramatically different place. April saw the opening of the 20,000-seat T-Mobile Arena, a partnership between MGM Resorts International and entertainment conglomerate Anschütz. Located south of MGM’s City Center, the arena will be home to a National Hockey League franchise come 2017 – the first major sports team to call Las Vegas home. It could well be followed by a National Football League team if an agreement is reached on funding for a 65,000-seat stadium backed by Las Vegas Sands. The T-Mobile Arena is anchored by a sprawling outdoor gateway called The Park and MGM plans to build on these with a US$450 million reconfiguration of the neighboring Monte Carlo Las Vegas