Oscar Pedro Musibay

Reporter - South Florida Business Journal

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The Genting Group expects to target nearly half of Las Vegas' 37.3 million annual visitors, a strategy that at least one analyst said could succeed, due to Miami being a “compelling market” for casino development.

Credit-Suisse Credit-SuisseLatest from The Business JournalsNuStar raises 1.5 million in public offeringIPO on aisle 3: Roundy’s stock offering hits at volatile timeMGIC delinquencies decreased in NovemberFollow this company gaming analyst Joel Simkins said casinos in Miami could hurt Las Vegas, potentially drawing business from areas that are closer to Miami than Nevada, according to a story in the Las Vegas Review-Journal.

"I think Miami could take a decent amount of East Coast business from Las Vegas," Simkins told the publication. "Someone who might take three or four trips a year to Las Vegas could divert one or two of those trips to Miami."

Although 18 percent of the target group would be international, the rest would be domestic, with 12 percent from the Midwest, 11 percent from the South and 6 percent from the East Coast, according to Genting.

Capturing 10 to 20 percent of that target group would generate $1 billion to $1.5 billion in state revenue, according to Genting.

Genting presented these numbers to a state subcommittee in November.

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