Genting reportedly eyeing $1B+ Miami site sale to fund NYC casino bid
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A prominent waterfront Miami site put up for sale by Asian multinational Genting Bhd has received five offers above $1 billion, according to the broker, potentially setting a record for such property. The 6.3ha plot was formerly home to the Miami Herald newspaper and is one of the city's largest undeveloped parcels.
Genting listed the site, now home to the annual Art Miami and Context fairs, for sale in November last year. According to reports, the current bidders are a mix of international and domestic parties, with potential uses including an entertainment destination, office space, or high-end apartments.
The company plans to narrow the field to three before making a final decision in the coming weeks, according to The Straits Times. “If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” Michael Fay, the broker at Avison Young in Miami who has the listing, said in an interview.
Genting initially purchased the land in 2011 for $236 million to develop Resorts World Miami on the site, a four-hotel tower complex with 5,200 rooms and a 3.6-acre lagoon with a "world-class casino." However, Genting was unable to get a casino license in the state, causing it to put the land up for sale late last year.
According to reports, the proceeds of the sale might aid the group's application for one of three downstate casino licenses made available in New York, points out New Straits Times. Genting has said that, via its US subsidiary, it would be "marshaling our resources" with the goal of bringing a full commercial casino to its New York City property and expanding its offerings in Las Vegas.
Genting operates a slot-machine facility in Queens, New York City, with an estimated investment of $1 billion earmarked for an expanded hotel, resort, and casino there, including table games, if granted one of the three licenses. As for its presence in Miami, the Malaysian-listed gaming giant owns the Hilton Miami Downtown hotel and Omni Centre space there.
