Resorts World Las Vegas, Steelman Partners

Malaysia’s Genting has clear aspirations to expand in the U.S. and judging by the group’s past history may seek a stock exchange listing at some point in the future for its U.S. assets, Bernstein Research said in a note commenting on Thursday’s opening of Resorts World Las Vegas.

As well as the $4.3 billion Las Vegas property, the group has slot operations at Resorts World New York City and has secured waterfront land in Miami in anticipation of a potential opening of the market there.

“However, all will depend on the success of Resorts World Las Vegas,” it said.

The firm notes the resort is opening amidst a resurgence in demand after Covid and is the first true new opening in more than a decade.

“The property’s positioning, its management team and the quality of its product offering brings new competition to long-established casino properties and the result will be a better, more vibrant Las Vegas,” it said.