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StumbleMiami resort developer out to siphon off Vegas visitors
Tuesday, Oct. 25, 2011 | 8:59 a.m.
A top executive with Malaysian-based gaming giant Genting Group said his company is taking dead aim at Las Vegas with its plans to build a multibillion-dollar casino resort in Miami, where it hopes to create a market that would capture one-third of the estimated 13 million East Coast tourists who visit the Strip annually.
Colin Au, president of Genting Americas, told The Miami Herald that major casino resorts in Miami would lure high-stakes gamblers from the East Coast and Texas and away from Las Vegas, snatching $1 billion to $2 billion in annual revenue from Southern Nevada.
The Harvard Business School-educated Au told The Herald that if Miami International Airport operators are unable to schedule non-stop flights from Asia to Miami, Genting is "prepared to bankroll and subsidize some of the flights."
"We will tell China Eastern, or Air China, that we will guarantee 50 percent of the seats," he said.
Genting and Sheldon Adelson's Las Vegas Sands operate Singapore's two giant gaming properties in a market that is projected to surpass Las Vegas next year for the No. 2 revenue spot among the world's largest gaming markets, trailing only Macau. Representatives of the two companies have lobbied Florida lawmakers much of this year to pass legislation that would permit the opening of the South Florida gaming properties.
Genting is prepared to open a temporary casino in downtown Miami within four months of receiving a casino license, Au said.
"We are not after the little old lady in Hialeah with $25," he told said. "We are after New Yorkers with thousands."
Discussion: 9 comments so far…
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Sounds good for Miami. Six hour flights from Europe. An ocean instead of a dessert. No state income tax. Boy, somebody has been using their thinking cap out there.
Like I said when your are no longer number 1 you are number2.
miami is too small. land and hotel rooms are limited. flying bugs, and high humidity are a breeding ground for bed bugs. Go to miami and have some fun...no thank you.
It could happen, but right now it's alot of talk. Alot of so called leaders and experts in business, marketing, sales, etc. are great at running their mouths but because of that they often fall short on action and execution. I'll believe it when I see it. They can talk the talk, lets see if they walk the walk. Looked at all the failed experiments and chapter 11's here in vegas because of blowhard leadership and naive investors.
Every city that starts trying to pull people from Vegas will get their share, thus lowering the amount of people that come here.
Instead of all the impending moronic posts trying to point out everything wrong with Miami and why they think Vegas is so much better, consider what's wrong here instead.
Casino gambling requires state-wide voter approval first.
I lived in Miami-Dade County for 32 years, and saw the issue on the ballot many times, but it's never approved.
Many variations were tried, such as making Miami Beach into a separate county, and only having gambling approved for that county.
The voters are scared off by telling them that the Mob will move in, crime of all kinds will explode, and corruption will reign. Also, voters in central and northern Florida are in the Bible Belt, and vote against it.
Look at history. Before the downturn many cities/states across the country and world started adding casinos. Everyone said Vegas was doomed.
Well, during the good times with them building all these casinos around the world Vegas just kept getting busier and bigger.
People got a taste at their local home town casino and wanted to come to Vegas. It still happens.
Vegas is down some but still improving over the last few years. As they build more casinos around the world/country people will get the taste and want to come to Vegas.
Wish them luck in Florida but all they are going to do is give those folks a taste of the Casino life and they will then come to Vegas to experience the real thing.
This is great advertising for Las Vegas and we don't have to pay for it! ;-)
History and facts back that up.
People from the East Coast will gravitate to Miami. That's the way it's always been. They spend a week, and run back to their frozen homes, glad to be out of the humidity and the bugs. Chinese? How long does it take to get to Miami? It's 7,575 miles. To Las Vegas it's 6,275 miles. Either way, who wants to waste such time to gamble? I spent 15 hours going to Australia once, and believe me, it was a PIA. Even if Genting is Chinese, I'd be surprised if they get many Asians to go to humid, tropical Miami. If they want the humid weather, they can go to Macau, a couple of easy hours away.
even a small town is taking away girls from the strip because they can earn $2000 to $3000 a night in this small oil boom town
the link to the news article
http://money.cnn.com/2011/10/25/pf/Ameri...
They are proposing to build 5200 rooms in 4 hotels and 2 condo towers with 1000 rooms atop an 8 story podium with the worlds largest casino. Their casino will be almost 5 times the size of MGM Grand and it will be on the crystal clear bay next to a bridge that goes to the beach. If you think Vegas can compete with that then you are in denial!
Did he say Miami International airport? I am not sure how many of you ever flown in or out of that place but to get to the airport you go through some of the most dangerous neighborhoods in the US. If he said Fort Lauderdale then that is another story. As for wanting to expand gambling to south Florida, good luck. That economy is bad if not worse than Nevada and the tourism is not what it use to be, I know I lived in that area for many years. You have cheap retirees coming down in the winter only to leave for the summer. What are they going to do stay open for 8 months out of the year?
p
I prefer Vegas to Miami. It's a dry heat.
The Sahara is the start..
There is nothing like Las Vegas and never will be. The city has many other non gaming activities from world class dinning and shopping to shows and clubs. You can gamble almost anywhere now so according to the nay sayers there should be nobody here but locals. Wrong thinking!
Can anyone imagine Obamanure telling the public not to go to Miami for an vacation?
I still like Las Vegas. The expensive dining experience. Tight slots and VP. Rude Cocktail waitresses . some of the nicest cabdrivers in the world. Don't forget top entertainment . Tickets for Manilow , Elton John Etc $150 to $1000 a ticket. I just love Las vegas. Don't forget the Comps. For gambling and losing $10,000 u get 5 days for free.Nothing like Las Vegas.
Get this through your head locals. Vegas as we all know it is DEAD.
Ever since properties decided to cater to 20 something douchebags instead of the gamblers it's gone downhill.
How did this strategy work out for cosmo? Hotel at almost full capacity, food and beverage sales amazingly high, club revenue amazing. Yet they still lost MILLIONS last quarter, and the one prior.
My Last Trip to Vegas was 3 weeks ago and it will be my last for a long time. I will take my money to Reno where they still appreciate the gambler.
Vegas has become a joke among the old timers. The only ones going there are the kids with little to no money who brag about the $500.00 bottle of grey goose they bought. Meanwhile my friends and I spend 4 times that on 1 hand at a blackjack table.
No one seems to get it... Eventually they will be forced to.
Either remove the clubs, or lose your gambling base. You can't have both.
@chazbean
Exactly. 6/5 BJ odds, tight slots, poor cocktail service, drunk idiots everywhere puking on the floors (even at high end joints).
Comps are horrid for the mid level gambler.
There is no appeal to Vegas anymore. It has nothing special.
Sub par gambling, clubs, and overpriced food exist nearly everywhere in the world.
Good pitch coming out of the gate. The suspicion of Colin Au statement is there is something in his cross hair his in not telling us?
The obvious, on the surface, is Colin Au is looking for more support fromthe Maimi community, which includes policy makers on board. Plus, he is trying to create a buzz, an excitement to draw investors. Yes, millionares and billiionare do not use their money, they use other people's money. And more importantly to Colin Au, he is after some kind of bond initiative to paid for the infrasture that will be needed to construction such a project.
Not bad, but this guy has a long way to go to challenge Las Vegas, both in experience and in travel. This actually helps the marketing of Las Vegas. Good job Colin Au!
That's rich Dave!
Casino Miami - At least the money and the jobs would stay in America! Steve Wynn and Sheldon Adelson inflicted 5x the damage to Las Vegas with their Macau aka China off-shoring... LVS has been so forgiving of that fact. These two guys did for Chinese gaming what Wal-Mart did for Chinese logistics and distribution - They accelerated China 20 years into the future! and we feel that pain every day with billions of lost revenue and 100xthousands of lost jobs (Wal-mart included of course).
So where do they think their going to build these big hotels in Miami? All the beachfront space is already built up. Hotels in the Everglades perhaps?
And when did Miami get full gaming? The racetracks have been converted to slot parlors and maybe a few table games. The Hard Rock has a casino on Seminole property way out in western Broward county but I'm not sure that even has full gaming.
....dont blame anyone for what has happened...just make it better....Las Vegas doesn't work anymore because what you dont need is another pole dancer... strip joint ...nude pool... and another hotel casino....Miami has beaches.. cruise ships... Disney World for the kiddies...great deep sea fishing..great night life... concert halls...professional football.. basketball and baseball and a very diversified population... Miami has it all...and now icing on the cake at long last ..."Casino Gambling".....no matter how many times people have said Las Vegas needs to diversify...they always go back to the same old same old...and its not enough...even Steve Wynn is leaving Las Vegas...what does that tell you...time to grow up Las Vegas....how many lap dancers can you get before you look somewhere else.....too bad....