A leading investment bank has reportedly announced that it is ‘unsure’ regarding the future prospects of success for the $4.3 billion Resorts World Las Vegas facility prominent casino operator Genting Malaysia Berhad is building in southern Nevada.
According to a report from Inside Asian Gaming, the declaration from Maybank Investment Bank Berhad was contained within an assessment written by analyst Samuel Yin Shao Yang and also revealed that the casino firm has to date already spent approximately $2.4 billion on constructing the 3,500-room Las Vegas property.
Being built on an 87-acre plot of land near the northern end of the Las Vegas Strip, Resorts World Las Vegas is reportedly due to feature a 110,000 sq ft casino alongside a pair of hotel towers individually marketed under the Hilton and Conrad brands. The source explained that the coming facility from Kuala Lumpur-listed Genting Malaysia Berhad is moreover set to offer a selection of casual and high-class restaurants in addition to an in-house spa and fitness center and some 350,000 sq ft of meeting and convention space.
However, Yang reportedly detailed that the entire project is now at risk of becoming a white elephant due to the impact of the ongoing coronavirus pandemic. The analyst purportedly furthermore proclaimed that he does not envision Resorts World Las Vegas breaking even ‘in the near future’ due to a predicted ‘lack of international gamblers and social distancing requirements’.
Reportedly read Yang’s analysis…
“The United States is now the country worst hit by the coronavirus pandemic. If the coronavirus pandemic in the United States does not stabilize by the time Resorts World Las Vegas opens in the summer of 2021, we fear that it will generate losses.”
Inside Asian Gaming reported that the Resorts World Las Vegas is expected to open additionally featuring a 5,000-seat theater, a 220,000 sq ft pool complex and an on-site Chinese garden surrounding a 30,000 sq ft lake. The whole complex is to likewise purportedly play host to a 50-foot video globe as well as a dedicated poker room and a 14,000 sq ft ‘entertainment zone’ complete with a sportsbook.
Despite all of internal optimism surrounding Resorts World Las Vegas, Yang’s assessment reportedly finished off by giving the coming casino resort a ‘nil value’ score and downgrading Genting Malaysia Berhad’s current stock position from the advantageous ‘buy’ classification to the cagier ‘hold’ grouping.