In the go-go 1990s, when it seemed like announcements about new casino megaresorts were annual occurrences, the prevailing wisdom was “the more the merrier” and “a rising tide raises all boats.”
But that philosophy came into question in the late 2000s as Las Vegas and the rest of the country weathered the worst economic downturn in recent history. Local tourism numbers fell, hotel rooms sat empty, resort profits plummeted and proposed projects were abandoned.
Monday’s announcement of the first new megaresort in years signaled a potential sea change. The Genting Group, a Malaysian multinational company, announced that it will spend between $2 billion and $7 billion to build a 3,500-room Asian-themed resort on the Strip on land Boyd Gaming had planned for its Echelon project.
via New Genting megaresort expected to be big boost for the Strip – VEGAS INC.
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