a bit more Resorts World Info

http://vegas.eater.com/2014/10/10/6958683/first-peek-resorts-world-las-vegas-dining-and-nightclub

place looks like it will be really first class (if they ever get started)

I hope the gardens are as nice as they look in the sketch.....and I am all for some "theming" coming back into vogue

 

I agree it looks beautiful and top-notch. I love the theme.

 

Can't wait for them to get started, the place looks fabulous.

 

I just hope they put something functional in that spot. I'm also happy to see a theme.

 

Hmmm... the article states a 2016 opening date. Most sources say it will take 3 to 4 years to open the first phase - in 2017 or 2018.

Bill

 

I saw another article that states a 2015 opening which doesn't seem remotely possible but 2016 seems doable for the first phase. Sounds like a great theme can't wait to see this take shape.

"The project is estimated to cost $4 billion, and the first phase is set to open in 2015. This Asian-themed resort looks amazing already. Phase one, which is expected to complete next year, will include 3,000 table positions across 100,000 square feet of space. This phase will also include 22 villas, 45 shopping and eating options, and much more.".

 

I'm not entirely clear on what a "villa" is in this context, but if they were only talking about the casino and dining/retail, and not any sort of hotel tower, then I could maybe, maybe imagine a world in which they have something open by the very end of 2015. Not very likely, though.

 

This is by far the most exciting development on the Strip. Can't wait till Resorts World will be open. We'll be happy to spend some serious money to stay there for 7 nights or so since we absolutely love the Asian theme.

 

Any signs of activity on the construction site?

 

Other than the obvious upgrades to fencing and signage, there's been an increased Security presence and a few new trailers. Some of the piles of materials have been moved/removed.

Bill

 

Can't wait. I'm sure they will have some serious baccarat.

 

Caesars Entertainment Might Fear This Coming Las Vegas Megaresort Most

""Now it faces even more trouble in the form of a new megaresort coming to the Las Vegas Strip courtesy of Genting, a Malaysian company that operates Resorts World locations around the world, including the highly successful Resorts World in Singapore and Resorts World Casino New York City, which boasts the highest-grossing slot-machine parlor of any U.S. property."

To see the article:

http://www.fool.com/investing/general/2015/01/06/caesars-entertainment-might-fear-this-coming-las-v.aspx

 

Ehhh.... maybe. It's just as likely Resorts World will lift the tide in general for the North Strip - helping out Circus Circus and tie-in with the Rock N Rio site as well (both MGM properties).

Bill

 

Doing some google searching, Genting purchased the land about a 1.5/2 years ago and still have not picked up construction where boyd gaming left off.

 

I think this property will be great. Bond and interest rates being what they are, I am sure they want to lock in some type of cost structure now.
They are also trying to time the recovery / growth timelines to open the joint in a favorable climate. Looking at the landscape, I would not be surprised if we don't see
a 2017 target for phase one, unless something dramatically happens.

I am sure the slowdown this year in Macau has Genting feeling a little uneasy. I am sure they don't want to make any missteps having seen the carnage from the 2006 to 2008 bust.

 

CIMB Research said Genting was still finalizing its development plans for the project and talking to bankers about financing options before finalizing the budget and development proposal to submit to the board in early financial year ending Dec 31, 2015 (FY15).

Still on track...

 

Cold feet?

The sale was initially reported March '13. Reports last year stated phase 1 might be completed in 2015. If they are still in the planning process, the first phase won't be complete until '17 or '18. Disappointing the project is moving slowly, makes me wonder if they are getting cold feet.

Maybe they are on track but what is the official track at this point?

 

“Capital expenditure for the project will mostly be incurred in FY16, for a targeted opening in FY17. The casino license will be awarded about nine months before the casino’s opening.”

Looks like 2017 is their "on track" as of the year end 15.

 

O.K. - took another look at the site today. Again, some of the materials/piles onsite appear to have been moved, but no active construction.

Bill

 

I was just out there and from the Palazzo it did not look like there was any action on that site either as of yet. I wonder what the odds would be set that this never gets completed?