POSTED: Tuesday, March 5, 2013 - 12:30pm
UPDATED: Tuesday, March 5, 2013 - 12:34pm
NBC News — A new mega resort is in the works for the Las Vegas Strip.
The Genting Group, a Malaysian multinational company, plans to spend $7 billion to build a 3500 room Asian-themed resort.
It is being built on the site that was the Stardust Hotel and Casino.
The Stardust was shut down and demolished in 2006 to make way for a bigger, more expensive project, called Echelon.
Those plans never got beyond framing, and was mothballed when the Las Vegas economy tanked in 2008.
KT Lim, chairman of the Genting Group., purchased the Echelon site and had a new plan: a multi billion dollar project known as "Resort World Las Vegas", an Asian themed hotel/casino.
Genting hopes to break ground late this year, or early next, creating thousands of construction jobs, and later, permanent hotel positions.
Governor Brian Sandoval has called it "a monumental investment in Nevada."
As for amenities, Resort World Las Vegas will include 3500 rooms in phase one.
There will be shopping, dining, an indoor water park, and possibly a panda exhibit.
Developers say the steel and concrete of the old Echelon project will be used as much as possible.
It's still in good condition they say, and represents a huge savings in material right off the bat.