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Thoughts on Genting Resorts World LV

Discussion in 'Casino Industry & Development' started by UKFanatic, Jan 9, 2014.

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  1. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I've never been to a Genting property. Do any of our international members have thoughts or opinions on Genting and their resorts and casinos abroad? I'm just curious and wondering what to expect assuming this project gets completed in the next couple of years. More competition on the Strip is never a bad thing in my book, But I wondered if anyone has experience with this specific companies' properties and can share ....
     
  2. Busyman

    Busyman VIP Whale

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    Well, the Times Square one is....forgettable. No table games either.
     
  3. 44inarow

    44inarow VIP Whale

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    Further to this, it's going to be interesting to see how they fit into as competitive an environment as Las Vegas. Their two largest-scale resort properties, Genting Highlands (Malaysia) and Resorts World Sentosa (Singapore), are the only casino and one of only two casinos in their respective countries, while their only other US operation is Resorts World New York, which on the one hand is slots-only, but on the other hand is the only casino within New York City limits and has been doing insanely well, at least on a revenue-per-machine basis. They do have about eleventy billion casinos in the UK, but those are on a much, much smaller scale.

    As an aside, I didn't realize that Genting Group was the largest shareholder of Norwegian Cruise Lines. Thanks, Wikipedia.

    It's in Queens, and table games are prohibited in non-tribal casinos in New York; it's not like Genting made a decision to not have table games. According to the Times, they pulled in just under $700 million for the year ended March 2013 (out of combined statewide revenue of $1.8 billion), which is pretty impressive for a single casino in Queens when you consider that gaming revenue for all casinos on the Strip put together took in about $2.9 billion on slot machines in 2012.
     
    Last edited: Jan 9, 2014
  4. Kickin

    Kickin Flea

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    I've been to two Genting casinos in Asia while I was living there, the Genting Highlands Malaysia and the one on Sentosa right after it opened. I didn't go to either one to gamble, I went to Genting Highlands largely because I was sick of hot weather and its on top of a mountain and fairly cool. Sentosa is just an island right off the Singapore mainland where I lived and I went to that resort with some colleagues who were involved in its financing for a business event.

    Both resorts are very nice, Highlands is older and it shows but was still well kept. It has a lot of good restaurants and family type activities. Its not a nightlife spot. The one on Sentosa was beautiful and had a lot of high end restaurants but was also much more a family oriented place. I didn't gamble but the casino floors felt similar to newer ones in Macau, still mostly baccarat and in Malaysia less of a large open floor. They both had a lot of video table games as well and larger slot sections than the older Macau casinos. But by and large they are baccarat just like elsewhere.

    I wouldn't worry about whether Genting will be a good operator. Right off the bat its going to be the best funded operator on the strip and given this will be the first big Asian operator in Vegas they will go all out to make it a success. Whether or not I think they are going to offer good gaming rules or not is a difficult question. I'm not sure how relevant it is to look at what they offer in Asia when thinking about that question.

    I've never been to their casino in Queens even though its so close. I don't even have any desire given its 100% machines. I know its hugely successful but to tell you the truth I never even hear anyone talking about it. The only times I remember it exists is when I see billboards for it or read about it here.
     
  5. natedog666

    natedog666 17 and 20 Expert

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    I've actually been to quite a few of their Asian properties, all of the above mentioned plus Resorts World Manila and Star Cruises.

    They are very well funded, and not cheap in terms of soft comps. Operating in the US is quite different however, there are many hard comps that they will have to match. I think they will probably hire a lot of people away from existing competitor properties for their Vegas development, so I see it as being good for gamblers because it is adding another competitor in town for our business.
     
  6. lotso-bear

    lotso-bear VIP Whale

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    Nate, considering you live in Taipei, will you switch most of your play to the Genting in LV, if they offer you good comps at their Asian properties as well? Will this also lower the amount of trips you make to the US?
     
  7. natedog666

    natedog666 17 and 20 Expert

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    I do have a very good relationship with them, but they are like MGM, very segmented in their management. So my guy in Taiwan likes me to go to Manila and Star Cruises because he gets the credit on those, whereas if I want to go to Macau or Singapore it is just a referral from him. So I assume the US portion will be segmented out to somebody as well, so in the beginning everybody will be obligated to refer customers over there, but it will be up to the US hosts to keep them going.

    The US has comps that are so much better than everywhere else, I don't think I will ever stop going to LV.

    As people always say, you guys don't know how good you have it haha! Although I think it is just that the customer in Asia don't expect as much, and also prefer hard cash back instead of "free" stuff they can pay for themselves.
     
  8. lotso-bear

    lotso-bear VIP Whale

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    Very interesting. Can you share what kind of comps you get if you were to go to Manila or on Star Cruises?

    Yeah, I agree with you about Asian customers.. we love cash (and all cash businesses) :thumbsup:
     
  9. Kickin

    Kickin Flea

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    Yeah but isn't what you get in Vegas only available under the international programs? Also the dead chip programs in Asia can be worth much more than the value of the comps given in the US depending on how you play them.
     
  10. Busyman

    Busyman VIP Whale

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    Yeah my bad, there's a spot there called Times Square. However, how much it pulled in is irrelevant in that....it was....forgettable besides it being in New Yawk.

    The last part illustrates the lesser importance gaming has become in Vegas due to casinos in other states. Less people have to flock to Vegas to get their game on.

    The new MGM National Harbor near me is also projected to do over 700 mill. The Resorts World in NY pulls that in due to it being NY with nary any competition even if it's slots and video everything.
     
  11. natedog666

    natedog666 17 and 20 Expert

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    For Star Cruises you get a free cruise into international waters (on the weekend) or Japan (weekdays) so you can choose whether to bring the family for a vacation or not. The food is pretty bleh, the rooms are upper scale cruise cabins, nice but nothing like a casino's room.

    Like Manila, they use a rolling system so for every winning wager you get about 0.8% to 1% back.
     
  12. natedog666

    natedog666 17 and 20 Expert

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    True I guess, I don't know how the domestic programs work in terms of airfare, I know it is less but I'm not sure how much less. I know they also get discounting on losses though. Domestic programs are like international programs, just a little less on the airfare and discounting. Also thresholds are higher. For instance, international start discounting at 50k, give you 5% back, 2.5k and one airfare voucher for 3.5k. Domestic will probably only give you back 1/2 of that, please chime in somebody that knows!

    The rolling or dead chip programs in Asia gives you 0.6%-1.2% back on winning wagers depending on your play. Some places like Crown Melbourne will do 0.6% on ALL wagers, which cuts down the house edge....
     
  13. lotso-bear

    lotso-bear VIP Whale

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    Interesting.. good to know! Thanks for sharing this info with us!

    BTW, I'm looking forward to your next trip report! Best of luck! Also, it would be cool if you write a trip report on one of your int'l casino trips. :D
     
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