Genting boss ‘super confident’ US casino will be a big winner

Genting boss ‘super confident’ US casino will be a big winner

Chairman Lim Kok Thay says falling cases have given US consumers the confidence to spend again.

Resorts World Las Vegas opened on Thursday and is the biggest new property on the city’s Strip in more than a decade. (AFP pic)
KUALA LUMPUR:
Malaysian conglomerate Genting Group is seeing consumer confidence return in the US as vaccinations roll out and Covid-19 cases and deaths decline, chairman Lim Kok Thay said.

Genting, whose businesses range from plantations to cruise ships, opened Resorts World Las Vegas on Thursday, the biggest new property on the city’s Strip in more than a decade.

“There’s unmet demand as people have stayed home for so long, and now the increase in vaccination and falling cases have given consumers the confidence to spend again,” Lim said in an interview with Bloomberg Television on Friday.

The group is “super confident” on its projects in the US and would look to list the business when the numbers pick up and investor confidence returns, he said.

The US$4.3 billion (RM17.86 billion) property in Las Vegas is a shot in the arm for America’s gambling capital, which was closed for three months last year due to Covid-19, and where visitor numbers in April were stuck 27% below the same month in 2019.

It is also a milestone for Genting, which has had mixed luck with some of its other casino projects in the US.

“The large investment was made sometime ago when we acquired what we see as the best piece of real estate on the LA boulevard.

“When the economy slowed and Covid hit, we were fortunate we didn’t have to pause our construction work,” Lim said. “Now, as we are coming out of it, we are very well placed.”

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