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Genting Malaysia Shareholders Approve Miami Land Sale

Posted on June 21, 2023 | 6:51 am

Genting Malaysia, the gigantic global entertainment and leisure company, has announced that its shareholders have approved the company’s intention to sell the land that it owns in Miami.

The approval rate for the sale was overwhelming, with 979 shareholders voting in favor of the deal, representing 99.98 percent of the company’s shares. The remaining 136 shareholders, representing 0.02 percent of the shares, decided to oppose the move.

Genting Malaysia reached an agreement to sell 15.5 acres of land in Miami, Florida, back in April 2023 for a total of 1.23 billion U.S. dollars. The buyer is a company called Smart Miami City LLC.

The money generated from this sale is expected to be put to good use by Genting Malaysia as the company is looking to expand Resorts World New York City, its slots-only casino located in New York. The Malaysian company wants to secure one of the three full casino licenses which will be granted by the state of New York this year. A full casino license will allow the company to add gaming tables to the existing slot machines at Resorts World New York City.

In April, when the sale agreement was reached, Nomura analysts Tushar Mohata and Alpa Aggarwal described the move as “a very positive development for Genting as it sold a property it secured for 259 million dollars in 2011 for 1.23 billion twelve years later.

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A Large Windfall

The Nomura analysts added that the sale represents “a large windfall” for the Malaysian company, which would allow it to recover from the difficulties it had during the Covid-19 pandemic. In fact, the company’s debt-to-equity ratio rose from 19 percent at the end of 2019 to 71 percent at the end of 2022.

The proceeds from the sale would lower the company’s debt-to-equity ratio by no less than 21 percent in a single move. The analysts also noted that the New York Casino license which Genting desires would most likely be awarded in the first quarter of 2024.

After the sale of the 15.5 acres of land in Miami, Genting still owns important property in the American city: the Hilton Miami Downtown hotel and the Omni Center which is connected to it. The land that was sold was part of a plan to develop a massive integrated resort, which would have been named Resorts World Miami. That project never materialized as the state of Florida didn’t push through new gambling legislation that would have allowed the operation of such a development.


“Genting Malaysia shareholders approve sale of Miami land parcels“,, June 19, 2023.

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