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Malaysia's Genting Group to build $4B casino resort in Las Vegas

KUALA LUMPUR -- Malaysia-based conglomerate Genting Group has revealed a $4 billion multi-phased investment plan to build a resort facility, the Resorts World Las Vegas, that will include a casino, hotels and retail outlets.

     "Our themed resort will cater to the high-end visitor as well as the budget-minded tourist," said Genting Chairman KT Lim in a press release on Wednesday.

     Genting has presented the plans to the Nevada Gaming Control Board and the regulators are expected to meet for the second round next week on the matter, according to U.S. media reports.

     Phase one of the project will consist of a 9,290 sq. meter gaming floor, a 3,000-room hotel and entertainment facilities. The construction is scheduled to begin in the latter half this year at the site of the former casino Stardust.

     In subsequent phases, the resort will have three hotels, bigger gaming space and other attractions.

     Genting, the sole casino operator in Malaysia, also runs casinos in New York, the Bahamas, the U.K., Singapore and the Philippines. It is also involved in cruise liner, plantation, electricity power generation and property businesses. Founded in 1965, the group has listed companies in Malaysia, Singapore and Hong Kong.

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