Skift Travel News Blog

Short stories and posts about the daily news happenings around the travel industry.

Hotels

Caesars Looks to Build Casino in New York’s Times Square

3 months ago

Caesars Entertainment and SL Green confirmed in a New York Times story that they are partnering up to bid for a downtown New York City casino license.

The two plan to redevelop 1515 Broadway in Times Square as an entertainment and gaming destination.

Caesars Palace Times Square will even be designed to include a Broadway Theater for The Lion King.

Since they are renovating and not building from scratch, they believe it will give them an upper hand in the bidding since they can say they will open quicker.

It will be a very expensive bidding war with most likely 4 to 5 bidders for what we believe will be one available license.

This commentary is an excerpt by Alan Woinski in Daily Lodging Report. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.

Mergers and Acquisitions

MGM in Talks With Genting for Potential Purchase of Resorts World Sentosa

7 months ago

Casino-resort Genting Singapore is in talks with bidders for the purchase of Resorts World Sentosa and US-based MGM Resorts International is one of the top contenders, according to Bloomberg reports.

While MGM’s recent talks with Malaysia’s Lim family, that owns 53 percent stake in Genting Singapore, failed to yield an agreement, the Singapore-based casino operator is said to be in early-stage discussions with other potential buyers, as per Bloomberg.

As Covid outbreaks have led to a full closure of casinos in Macau — the Las Vegas of Asia, Singapore’s eased entry restrictions make it more open to international tourists.

A prospective buyer of Genting would also have to worry less about competition as Genting and Sands have an agreement with the Singapore government that limits the amount of gaming properties to the two entities, leaving Marina Bay Sands as its only competitor.

The Singapore Tourism Board had also reached an agreement in 2019 with Las Vegas Sands and Genting Singapore allowing them to significantly expand their respective integrated resorts.

Looking to decrease its dependence on Macau, where all casinos are closed and Japan very cautiously reopening to international tourists, MGM may be keen to explore other Asian destinations for its casino business.

Last year, speaking at the Skift Hospitality and Marketing Summit, William Hornbuckle, CEO and president of MGM Resorts International, had spoken about plans to expand in Asia.

Genting Singapore operates Resorts World Sentosa, an integrated resort on the Sentosa island, off the southern coast of Singapore. The key attractions at Resorts World Sentosa include a casino, the Universal Studios Singapore theme park, the Adventure Cove Waterpark, as well as the Singapore Oceanarium, which is the world’s second largest oceanarium. 

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