Resorts World Las Vegas set to open this week

by Ethan Anderson Last Updated
Resorts World Las Vegas set to open this week

A new $4 billion integrated resort in Las Vegas will introduce the Strip’s first truly cashless casino when it opens on June 24.

Inside Asian Gaming reports that the Resorts World Las Vegas casino floor will feature a cashless gaming system for both poker machines and table games.

Using Konami’s SYNKROS management system, members will have access to a digital wallet and cardless log-in, with funds able to be deposited either at dedicated kiosks, at the player services desk or via external funding sources such as their bank or Paypal account to load their wallet.

Resorts World Las Vegas said the solution will allow guests the flexibility to transfer funds in and out of their wallet and linked account without leaving their seat.

Loyalty cards will also be available in three different formats, including a physical card, digital card or simply by entering their phone number at any poker machine.

The RWLV will open with 1400 poker machines, 117 table games, a dedicated poker room and 30 poker tables, plus high-limit areas and a sportsbook with more than 117,000 square feet of gaming space.

The property will also look to connect other services at its venue to the Resorts World Mobile App, developed by Sightline Payments Solution platform JOINGO, allowing guests to pay for any gaming, entertainment or hotel offerings with their mobile device.

“Our vision at Resorts World has always been to provide first-of-its-kind experiences across every element of the resort, including gaming.

“Through our partnerships with best-in-class gaming technology partners, we will offer our guests a fully integrated experience, not just on the gaming floor, but across the entire resort,” Resorts World Las Vegas senior vice president casino operations Rick Hutchins said.

“The Resorts World mobile app will better serve patrons by providing loyalty and personalisation based on their preferences for guests enrolled in our Genting Rewards program.”

Venue given green light in May

The Malaysian gambling operator was given the green light to open its new venue in May following approval by the Nevada Gaming Commission.

Genting’s chairman Lim Koy Thay and the property’s new president Scott Sibella were among the executives found suitable to be directors of Resorts World Las Vegas Holdings.

The 59-storey project will be the first new casino to open on the Strip in more than a decade, following the 2010 opening of the Cosmopolitan of Las Vegas.

Due to open in 2021, the resort is expected to reach its full earnings potential by the end of 2024, according to Fitch Ratings.

The institution added that Resorts World Las Vegas was “on track” to open its resort in the Nevada gaming hub, “in around June 2021”.

But Fitch added: “The pandemic is likely to delay operational ramp-up, as we expect inbound flights and demand for large-scale conventions in Las Vegas to remain soft in 2021.”

The ratings house noted: “We estimate aggregate revenue for Las Vegas’s strip operators will only recover to 90 per cent of 2019, by end-2023, and expect Resorts World Las Vegas to reach fully ramped-up EBITDA of US$350 million by end-2024.”

Fitch said it had assigned a ‘BBB’ rating to proposed senior unsecured notes to be issued by Resorts World Las Vegas LLC and RWLV Capital Inc as a co-issuer.

“The company plans to use the proceeds to refinance existing secured debt,” noted Fitch.

The ‘negative’ outlook on the proposed Resorts World Las Vegas notes, which was “aligned with that on the Genting parent”, captures the risk of a slower gaming recovery from the coronavirus pandemic impact than we forecast, such that Genting’s leverage is elevated for an extended period, Fitch said.

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