Genting Berhad ADRGrey Market
Sat, Jul. 9, 5:14 PM
- The Lucky Dragon Hotel and Casino is on pace to open in Q4 to become the first new ground-up casino complex to open in Las Vegas since the Cosmopolitan in 2010. The Lucky Dragon will sit on the north end of the Strip not far from the Stratosphere and a couple of blocks from the Wynn (NASDAQ:WYNN).
- The Asian-themed property will feature a 27.5K-square foot casino with special VIP sections. The Lucky Dragon is looking to differentiate itself as the only property on the West Coast that caters to Asian locals and tourists. Signs will be in Chinese and English will be spoken by employees as the second option.
- The Lucky Dragon has the jump on Resorts World Las Vegas which is another large hotel-casino project aimed at Asians. Genting Berhad (OTCPK:GEBHF, OTCPK:GEBHY, OTC:GEBEY) is the developer, but it's unclear when Resorts World Las Vegas will open.
- Las Vegas Strip revenue fell in June for the third straight month in a disappointing trend. Some analysts think the new T-Mobile Arena is set to improve traffic trends with NHL hockey and major concerts on tap. MGM Resorts (NYSE:MGM) is a 50%-owner of the arena and is the dominant force on that end of the Strip (other direction from the Lucky Dragon and Resorts World LV).
- Related ETF: BJK
Fri, May 20, 9:24 AM
- The Nevada Gaming Commission approves Genting Berhad (OTCPK:GEBHF, OTCPK:GEBHY, OTC:GEBEY) to take a lead role in the development of a massive $4B project on the Las Vegas Strip where the historic Stardust Resort and Casino once stood.
- The Chinese-themed Resorts World Las Vegas property will include over 3K rooms and a 150K-square foot casino. An opening in 2019 is anticipated.
- What's notable about the project is that it's moving forward despite the tail-off of high-end Chinese gamblers in LV.
- Analysts think the Asian-focused Resorts World could be a net positive for other Strip properties due to the impact on tourism.
- Related stocks: WYNN, MGM, CZR.
- Related ETF: BJK.
May 4, 2015, 2:48 PM
- The iconic Riviera hotel and casino in Las Vegas closes its doors today after a 60-year run on the Strip.
- The Las Vegas Convention and Visitors Authority plans to use the location to build a new $2.3B business complex sometime in the future.
- Across the street from the Riviera, construction for Genting's (OTCPK:GEBHY, OTC:GEBEY) new Asian-themed mega-complex begins tomorrow. The $7B resort is slated to include four towers and over 6.5K rooms.
Mar. 24, 2015, 7:20 AM
- Genting Berhad (OTCPK:GEBHF, OTCPK:GEBHY, OTC:GEBEY) plans to break ground on May 5 on a $4B project on the Las Vegas Strip.
- Resorts World Las Vegas is expected to include 3K hotel rooms, 30 restaurants, and a large casino.
- The site for the complex is the old location of the historic Stardust hotel and an abandoned project from Boyd Gaming.