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.
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.