A 16-acre parcel of prime Miami real estate recently put up for sale by Malaysian gaming giant Genting Berhad has attracted five offers of over US$1 billion, including one of almost US$1.5 billion, according to a report by Bloomberg.
Less than four months after Genting revealed it was selling the land following a decade of unsuccessful lobbying for Florida’s state gaming laws to be changed to legalize casinos, local real estate broker Michael Fay confirmed the company was closing in on a sale with a final decision to be made within weeks. He also revealed the highest bid has come in at almost US$1.5 billion – as record price for such a parcel.
“If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” Fay told Bloomberg.
Genting confirmed its intention to sell the land in late November, with the proceeds to be used for its proposed New York City casino expansion.
Robert DeSalvio, the President of Genting Americas East, said at the time, “In the coming months, we will be marshaling our resources with the goal of bringing a full commercial casino to our New York City property and expanding our already-tremendous offerings in Las Vegas. We are thrilled about the opportunities to expand in the two most significant gaming markets in North America.”
The site in question is located along the waterfront on Biscayne Bay, across from Miami Beach, in a popular arts and entertainment area of the city.
Genting already owns the Hilton Miami Downtown hotel and connected Omni Center but had hoped to develop a large-scale integrated resort, Resorts World Miami, on the parcel of land it purchased for US$236 million in 2011.
The Miami-Dade Board of County Commissioners had also commissioned in 2020 a feasibility study into a potential monorail system that would have connected Resorts World Genting with the city of Miami.
Genting has now given up on that dream, with the US$1 billion-plus windfall set to be used to expand its current slots-only Resorts World New York City casino. Genting is one of a handful of operators bidding for one of three full casino licenses to be granted in New York in 2023, which would allow for the addition of gaming tables.
Genting’s US interests also include the US$4.3 billion Resorts World Las Vegas, which opened its doors in June 2021.
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