Genting Malaysia, the well-known global leisure and hospitality company, has announced that it finally reached an agreement with Smart Miami City LLC for the sale of a property in Miami, Florida, for 1.23 Billion dollars.
The amount is slightly lower than the 1.5 billion dollars that were reportedly offered to Genting Malaysia for that piece of land in the past month. The details of the transaction were revealed by a company filing to Bursa Malaysia, which revealed that Resorts World Miami LLC, the company’s subsidiary, has reached an agreement with the buyer on 26 April for the sale of four land parcels measuring a total area of 15.24 acres.
The deal is not entirely completed, though, it still needs the approval of the company’s shareholders and also from local authorities in Miami-Dade County. Genting Malaysia intends to use the funds received from this sale to expand its casino located in New York, Resorts World New York City, which only offers slot games at the moment.
The Malaysian company is competing for one of the three full casino licenses which will be granted in New York this year, and a full license would allow the operator to add gaming tables along with slot machines at its venue.