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Flash Note - Genting (REDUCE, maintain) - Expanding footprints on Las Vegas Strips




Affin Hwang Investment Bank Bhd


04 Mar 2013





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GENT purchases stalled Echelon Las Vegas for US$350m The Group has entered into a SPA with Boyd Gaming Corporate (a NYSE listed gaming company) to purchase the stalled Las Vegas strip Echelon casino project for US$350m. The ambitious US$4.8bn Echelon grand plan by Boyd was suspended in August 2008 following the financial crisis. In essence, Genting will be buying:- (1) a 87-acre piece of freehold land on the priced Las Vegas strip (see Fig 1); (2) a partially completed central energy facility; and (3) all other structures and fixtures located therein.

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