Construction work is now underway at Resorts World Birmingham after the operator behind it Genting UK received its major funding for the project from The Royal Bank of Scotland.
Genting revealed that the money was made available via the government’s Funding For Lending Scheme in partnership with The Royal Bank of Scotland’s Corporate and Institutional Banking division.
Richard Salmond from Genting UK said: “The bank developed a bespoke package to assist with our project and has been instrumental in helping this project become a reality. We’re confident that this project for Birmingham will boost the local economy and become a core asset for the company in the UK.”
President of Genting Malaysia, the parent company of owner and operator of Resorts World Birmingham, Genting Casinos, Dato’ Lee joined Trade and Investment Minister Lord Green and Genting Casinos UK President Peter Brooks to break ground on the development site.
The construction phase to build the seven-storey, 49,982sq. m. leisure and entertainment complex will last two years with Resorts World due to open to the public in early 2015.
Resorts World Birmingham, which promises to be one of the largest leisure and entertainment centres of its kind in the UK, will cost £125m and will open with a 176 room hotel. The four-star hotel will up to 10 five-star VIP suites located on the top floor. There will also be multi-use banqueting and conference centre offering facilities for large scale dinners and conventions, as well as for smaller seminars and meetings, a designer outlet centre of 45 units and 11-screen cinema offering the latest digital technology..
The 150 slot casino is expected to open in January 2015 offering over 1,100 full-time equivalent jobs and bringing £25m a year into the local economy.
During the construction phase of Resorts World Birmingham 1,750 full time equivalent jobs will be supported and when fully operational 1,100 full-time equivalent jobs will be created.
Resorts World is working in partnership with Solihull Metropolitan Borough Council,Jobs Centre Plus and Solihull College to ensure that local employment opportunities are maximised.
An economic assessment of Resorts World Birmingham’s impact on the regional economy undertaken by PwC has highlighted that during the construction phase £58m in gross value added (GVA) will be generated and when operational the development will create £32.8m in gross value added to the regional economy and £25m to the Solihull economy specifically per annum.
Genting has developed several leisure venues across the world. Resorts World Birmingham will be the first to be built in Europe and joins destinations in Sentosa, Singapore, Manila, New York and the Genting Highlands complex north of Kuala Lumpur.
Resorts World is part of the NEC’s wider strategy to offer visitors a more diverse leisure and hospitality experience to increase dwell times on the site and enhance the NEC’s reputation as a venue for events.
Peter Brooks, President and Chief Operating Officer for Genting UK, said: “This is an important day for Genting. We have spent several years working closely with the NEC Group and Solihull Metropolitan Borough Council to make Resorts World a reality. When it opens in 2015, it will bring an innovative and exciting new offer for the recreational and business visitor to the NEC. Resorts World Birmingham is by far our most ambitious project to date – with a scale and budget to match.”
Lord Green, Minister of State for Trade and Investment said: “The Government welcomes the news today that work has begun on Resorts World Birmingham. This project, and the decision by Genting to invest £150m here in Birmingham and £250m in the UK overall, is a major signal that Britain is open for business.This is a fantastic vote in the future of the British economy and British businesses. Foreign direct investment is critical to the UK economy, safeguarding and creating around 100,000 jobs a year.”