Is the pre-eminent Malaysian hotel and gaming company Genting Bhd working out a deal with the MGM Mirage in Las Vegas? Reports out of Asia indicate that Genting’s Resorts World Bhd bought $100 million of MGM Mirage debt. This debt had been sold as part of the MGM Mirage balance sheet restructuring.
There are more questions than answers right now: How will this impact the MGM Macau casino’s? With the current MGM partner – Pansy Ho – being deemed unsuitable because of possible organized crime connections, is this move designed to bring in a party that the Nevada regulators would approve? What would the direct effect be on the MGM Mirage’ Las Vegas business ventures including the MGM Hotel and Casino and City Center?
Stay pointed to Las Vegas Backstage Access for the latest developments.
The U.S. is in the midst of a choking recession. But that’s not stopping a financially struggling Israel-based development group from planning to build the world’s largest hotel in Las Vegas.
A holding company that includes the AFI Group, formerly known as the Africa Israel Group, is planning to soon go before the Clark County commissioners in Las Vegas for use permits to build a 6,475-room hotel, casino, and retail complex on 60 acres along Harmon Avenue, west of the Hard Rock Hotel in Las Vegas.
Currently, the largest hotel in the world is the 6,118-room First World Hotel in Malaysia. But many of the largest hotels in the world are already in Las Vegas, including the 5,690-room MGM grand, the 4,408-room Luxor, and the 4,341-room Mandalay Bay and The Hotel resorts.
Approval of the permits would give the group two years to begin construction on the project or seek an extension. Permit approval would allow the development group to go to investors and banks seeking financing for the project. No price on the project currently available.