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Genting To Receive Over 1.5 Billion Dollars For Miami Property

Posted on March 30, 2023 | 8:22 am

Genting, the famous global leisure and hospitality company originating from Malaysia, has attracted offers worth over 1.5 billion dollars for its property located in Miami, Florida.

The Malaysian company has put that property, which spans across 15.5 acres, up for sale because it wants to secure enough funds to launch a successful bid for a casino license in New York.

Genting already has established a presence in the state of New York through The Resorts Hudson Valley, a gambling venue with 1,200 slot machines and 82 electronic table games that was inaugurated at the end of 2022.

As for the Miami property, Genting Berhad has received five offers so far and according to Bloomberg the bidders are both international and domestic players. The property could end up being an entertainment destination but it could also be transformed into an office space or high-end residential condos.

The same source noted that the highest bid was around 1.5 billion dollars, while Genting Berhad is expected to select the winning offer in the following few weeks. If the sale goes through at the aforementioned price it could become the highest price paid for any development site in the United States.

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Casino License Wanted

Genting Berhad initially purchased the land in Miami in 2011 for just 236 million. The Malaysian company planned to develop a casino on that site, Resorts World Miami, with four hotels comprising 5,200 rooms, a lagoon and a casino.

The plans didn’t come to fruition because the company was unable to secure a casino license in the state of Florida. That is why Genting decided to put the land up for sale in 2022 as it attempts to secure funds in its bid to get one of the three downstate casino licenses that are currently available in New York.

In fact, Genting has already announced that it would be “marshaling” its resources “with the goal of bringing a full commercial casino” to its New York City property and also with the aim of expanding its business in Las Vegas.

Genting does operate a slot-machine facility in Queens, New York, but it wants to build an expanded hotel, resort and casino there. The company’s New York Resort would require an investment of over 1 billion dollars.


“Genting receives bids of up to $1.5 billion for Miami property“, March 27, 2023.

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