Genting to spend $3-4 billion on developing unfinished Las Vegas resort

KUALA LUMPUR Tue Dec 17, 2013 5:59am EST

The logo of Genting Malaysia Berhad is seen at Genting Highlands at the state of Pahang outside Kuala Lumpur December 17, 2013. REUTERS/Samsul Said

The logo of Genting Malaysia Berhad is seen at Genting Highlands at the state of Pahang outside Kuala Lumpur December 17, 2013.

Credit: Reuters/Samsul Said

KUALA LUMPUR (Reuters) - Genting Bhd (GENT.KL), Southeast Asia's largest gaming and leisure group, will spend $3 billion to $4 billion developing an unfinished resort on the Las Vegas strip, its chief executive said on Tuesday.

Genting bought the resort from Boyd Gaming Corp (BYD.N) earlier this year for $350 million, in its first push into the U.S. gambling mecca dominated by the likes of Las Vegas Sands (LVS.N).

"We are looking at $3-4 billion in total if we get approval for a casino license (in Las Vegas)," Chief Executive Officer Lim Kok Thay, who was widely credited with the company's global expansion, told reporters.

Lim was speaking after the launch of Genting's $400 million project to build a theme park with Twenty-First Century Fox Inc (FOXA.O) for its hilltop casino in Malaysia.

The project is part of a five-year investment plan by subsidiary Genting Malaysia Bhd (GENM.KL) to spend close to $1 billion to spruce up Malaysia's only casino, which is facing increased competition as other countries in the region open up to gaming companies.

(Reporting by Siva Sithraputhran; Writing by Niluksi Koswanage; Editing by Christopher Cushing)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article