The Empire Resorts-Genting Group licensing deal runs through 2027, with an option to extend all the way to 2066.
The Montreign Resort Casino in Thompson, New York has changed its name to Resorts World. The developer, Montreign Operating Company LLC, noted the name change in a licensing deal with the Securities and Exchange Commission.
The $1.2 billion resort will be granted the right to use certain Resorts World and Genting trademarks, according to the deal. Genting Group, a Malaysian multinational conglomerate, is one of the major shareholders in the Montreign Operating Company.
Resorts World Profile
Most, but not all, Genting casinos use the “Resorts World” brand. Examples of the brand include Resorts World Sentosa in Singapore and Resorts World New York City in Queens.
Charles Degliomini, the Executive VP of Empire Resorts, said that the licensing deal is a chance to identify with a world famous brand. Degliomini said, “We’re going to have the opportunity to leverage what is pretty much an international gaming and hospitality brand. We’re not literally creating a brand out of thin air.”
Resorts World Las Vegas
Many Americans might not be that familiar with the “Resorts World” brand at the moment, but it will not be so. When the $4.1 billion casino-resort on the Las Vegas Strip is opened in 2019, it will be called Resorts World Las Vegas. In fact, that integrated resort-casino is going to be the most expensive and luxurious casino in the history of the Las Vegas Strip.
Kok Thay Lim, the CEO Of Genting Group, has boasted that Resorts World Las Vegas is going to be not only a vast casino with 3100 hotel rooms, but also a “landmark” and tourist destination families will make road trips to see. The complex is designed on the theme of a real life Chinese village, though that description somewhat belies the vast, opulent vision Genting hopes to create.
50-Foot Chinese Lantern and Celestial Sphere
The construction includes a 50-foot tall replica of a Chinese lantern that will rise and drop 56 stories as an attraction. Inside, a “celestial sphere” will project huge customer selfies. Visitors should have an experience they won’t soon forget, and the buzz surrounding Resorts World Las Vegas will confer a prestige on other casinos with a similar name.
Details of Empire Resorts’ Licensing Deal
The licensing deal between Empire Resorts and Genting Group is scheduled to run through 2027. Even then, provisions in the contract allow for continued licensing on a yearly basis for the next 39 years, so Resorts World Montreign (or Resorts World Thompson) likely would carry the name through 2066.
The deal provides Genting Group/Resorts World with a “low single-digit” percentage in the revenues of the Montreign resort. Also, the Montreign casino will be a part of the Genting Rewards Alliance loyalty program, which provides comps for its network of casinos around the globe. Marketing and cross-promotion will be included for all casinos in the network, while gamblers will receive collective perks when they play at any of the resorts worldwide.
Genting Group
Genting Group is a Malaysian multinational conglomerate which includes casinos, hotels, landmarks, banana plantations, and oil platforms. Most of the company’s revenues come from non-gaming ventures, so Genting has vast wealth to pour into its gaming, leisure, and entertainment projects.
Resorts World is a brand located in a variety of casinos around the globe, including Malaysia, Singapore, The Philippines, New York City, London, and The Bahamas. The London-based casino is Crockford’s, the casino at the heart of the original Phil Ivey edge-sorting lawsuit.
Tan Sri Lim Kok Thay is the owner of Kien Huat Realty III Limited, the top shareholder in Empire Resorts. Empire Resorts itself is a joint venture between the Malaysian magnate and New York state-based developers.
