Resorts World, the first mega resort/casino to open on the Las Vegas Strip in 10 years, welcomed 20,000 visitors to its grand opening on June 24. What affect will Resorts World have on the Las Vegas economy? Experts weighed in, via numerous local, national and international media outlets, shortly following the property’s opening. And the future looks bright!
Uri Vaknin, long-time Las Vegan and partner with the real estate development group DK Las Vegas, which owns numerous luxury high-rise condominium communities throughout the valley including Juhl in downtown Las Vegas and One Las Vegas on S. Las Vegas Blvd., notes, “the excitement surrounding a new resort/casino the scope of Resorts World as pandemic-restrictions are lifted, coupled with pent-up demand for travel and entertainment, will make a lasting mark on the Las Vegas economy.”
And rather than undermining other Strip casinos with new competition, industry analysts like Barry Jonas, managing director with Truist Securities anticipate Resorts World will boost business for everyone. “A brand-new Las Vegas opening like Resorts World can drive increased visitation as many customers looking to trial the new property also like to visit multiple properties during their stay.”
With 6,000 new job positions available at Resorts World people are getting back to work, but industry experts are paying special attention to the new property’s focus on innovative technology and its effect on the job market. “It brings a new level of talent to Las Vegas,” said Sonia Petkewich, CEO of Taurean Consulting Group. “It creates different jobs and has a domino effect throughout the tourism industry.”
Resort World’s parent company, Malaysia-based Genting Berhad, touts its newest property as the city’s “most technologically advanced casino” where guests can use cashless mobile payments for everything at the resort including slots and table games as well as load money onto their digital wallets via on-site kiosks. Resorts World is also the first to use radio-frequency identification, or RFID, embedded chips to help account for gaming activity. The company is exploring opportunities for guests to use cryptocurrency on-site.
If Resorts World’s first couple of weeks in business, along with a surge of July 4 visitors and two blockbuster events the weekend of July 10 (Garth Brooks concert and UFC), are any indication, experts believe Las Vegas is back in business. An estimated 300,000 visitors celebrated Independence Day in Las Vegas the first weekend in July, alone.
Las Vegas is welcoming the world back to the “Entertainment and Sports Capital of the World.” “We’re going to be completely back to full stadiums, full arenas, full theaters, and all of the entertainment that everybody expects when they come to Las Vegas,” said Steven Hill, CEO Las Vegas Convention and Visitors Bureau.