Las Vegas Strip project to get new Asian owner

Mar 4, 2013 9:35 AM

An Asian conglomerate says it will break ground next year on a long-stalled project that could help revitalize a dilapidated section of the Las Vegas Strip.

The Malaysia-based Genting Group announced Monday that it is buying the site where Boyd Gaming Corp.’s partially built Echelon project has gathered dust for four years. Genting says it will build a multi-billion dollar casino, its first in Las Vegas.

The “Resorts World Las Vegas” project will feature 3,500 hotel rooms, a convention center and a 4,000-seat theater.

Echelon is one of a handful of high-profile multibillion-dollar projects that has stalled on the Las Vegas Strip since the economy crashed.

The Genting Group said it plans to break ground on the new project in 2014 and open in 2016.

“This is an unparalleled opportunity to showcase what has made the Resorts World brand a globally recognized success for the past several decades,” CEO KT Lim said in a statement.

Officials were expected to release more details during a press conference Monday.

The conglomerate already operates casinos in New York state, the Philippines, the United Kingdom, Singapore, and the Bahamas.

It opened its first casino in 1971, in Malaysia.

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