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Genting Group new to Vegas, but veteran player worldwide

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Updated: 3/05/2013 7:52 am
LAS VEGAS (KSNV MyNews3) -- The Genting Group -- which announced plans Monday to develop the stalled Echelon project -- isn't known very well in the United States and doesn't have any properties in Nevada, but it's a major player internationally, particularly in Asia.

Its brand -- Resorts World -- began in Malaysia 43 years ago, attracting 19 million visitors per year in its six hotels, with theme parks and -- of course -- a casino.

Dave Schwartz of UNLV's Center for Gaming Research says its Singapore property has been very successful.

“Resorts World brand isn't so recognizable in the U.S., but they want to expand,” Schwartz said. “The New York casino is the first step in that. They've also looked at Miami and possible Florida having casino legislation, so Las Vegas is a key part of their strategy to expand into the U.S.”

The $6 billion Singapore resort opened in 2010. It houses Universal Studios, the world’s largest aquarium, and a water park. It is already one of the five most profitable casino-resorts in the world, bringing in nearly $3 billion last year. Compare that with the entire Strip, which made between $6 billion and $7 billion.

The Genting Group doesn't just own hotels and casinos. It has investments in oil, agriculture, and real estate.

“Genting has a lot of other interests,” Schwartz said. “They're in Norwegian Cruise Lines, so you could see there being some kind of co-promotion and using that to market and get people to Las Vegas.”

That kind of cross promotion could attract more international tourists, Clark County Commissioner Steve Sisolak says.

“They're going to increase the size of the pie by developing a greater group of people from their other properties around the world and bring them to Las Vegas,” Sisolak said.

The Genting Group has five public companies worth $45 billion. It employs 50,000 people worldwide.


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