• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 29 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Genting said to be selling Miami land parcel for US$1 billion as focus shifts to New York

Ben Blaschke by Ben Blaschke
Thu 1 Dec 2022 at 03:42
Genting approved for feasibility study into US$600 million monorail system linking planned site of Miami casino complex

An artist’s impression of Genting’s Resorts World Miami concept.

70
SHARES
1.8k
VIEWS
Print Friendly, PDF & Email

Malaysian gaming giant Genting Berhad is reportedly planning to sell a 16-acre parcel of land in Miami, with the US$1 billion asking price slated instead for its proposed New York City casino expansion.

According to a report by Bloomberg, the decision to sell in Miami follows more than a decade of unsuccessful lobbying for Florida’s state gaming laws to be changed to legalize casinos.

It also quotes Robert DeSalvio, the President of Genting Americas East, as stating, “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.

Instead, Genting has now given up on that dream, according to Bloomberg, with the US$1 billion asking price 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.

In an overnight note, Nomura analysts Tushar Mohata and Alpa Aggarwal described the potential sale as positive with the US$1 billion asking price to improve Genting’s balance sheet after years of capex and COVID-19 related slowdown, which has resulted in net debt to equity rising from 19% at end-2019 to 61% at end-2021.

“We think the likely 4x return on original purchase price over 11 years ago also represents a good return on investment,” they wrote.

“Moreover, if management retains the Hilton Miami Downtown hotel and Omni Center, it will have the optionality to add gaming floors should the state legislate gambling at a later date.”

Mohata and Aggarwal observed that Genting management may have decided to sell after taking the view that there is a low probability of Florida gambling legislation over the medium term, “and therefore they should partially monetise the Miami land in order to reinvest in other opportunities like potential New York downstate gaming licence.”

Some of the funds, should a sale materialize, would therefore be used for reinvestment although some may also be paid out in dividends, they added.

Genting’s US interests also include the US$4.3 billion Resorts World Las Vegas, which opened its doors in June 2021.

RelatedPosts

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Wed 28 May 2025 at 06:58
Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land to support local SMEs in entering global slot machines and gaming technology market

Wed 28 May 2025 at 06:09
Inaugural WSOP Online breaks online poker records after annual Las Vegas series postponed in 2020

2025 World Series of Poker festival gets underway in Las Vegas today

Tue 27 May 2025 at 07:14
Fitch: Light & Wonder to meet reduced EBITDA leverage target by 2024

Analysts upbeat on Light & Wonder’s new US$2 billion EBITDA target for 2028

Thu 22 May 2025 at 06:31
Load More
Tags: casinoGenting BerhadMiamiNorth AmericaResorts World Miami
Share28Share5
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Casino Filipino venues to receive first delivery of almost 2,000 new slot machines by mid-September

PAGCOR board, including Chairman Tengco, tender courtesy resignations following Presidential call

by Ben Blaschke
Thu 29 May 2025 at 14:15

The Board of Directors of Philippine gaming regulator PAGCOR, including Chairman and CEO Alejandro Tengco, have tendered courtesy resignations this week in response to a directive from Philippines President Ferdinand Marcos Jr. Tengco, along with PAGCOR President and COO Wilma...

More details emerge on Thailand Entertainment Complex Roundtable including real-time transcription and translation, simultaneous interpretation, venue information and Thai media coverage

More details emerge on Thailand Entertainment Complex Roundtable including real-time transcription and translation, simultaneous interpretation, venue information and Thai media coverage

by Ben Blaschke
Thu 29 May 2025 at 06:46

The Thailand Entertainment Complex Roundtable (TECR) – a groundbreaking event bringing together international integrated resort operators Galaxy, Melco and Wynn as well as major figures who have opposed the introduction of entertainment complexes (ECs) to Thailand – will truly be...

Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth chair says higher R&D investment necessary to boost global market competitiveness

by Ben Blaschke
Thu 29 May 2025 at 05:49

The chairman of Australian slot machine supplier Ainsworth Game Technology says the company must continue to increase its investment into research and development (R&D) in order to maintain global competitiveness and gain market share. Danny Gladstone cited R&D as Ainsworth’s...

Macau GGR rises 43.7% year-on-year to MOP$86.86 billion in 2021

Moody’s maintains investment-grade rating for Macau as fiscal reserves climb to US$77 billion

by Ben Blaschke
Thu 29 May 2025 at 05:23

Moody’s Ratings has affirmed the local and foreign currency issuer rating of the Macao SAR Government at Aa3 with a negative outlook, citing the jurisdiction’s strong fiscal reserves which have grown to MOP$624 billion (US$77.2 billion) as of March 2025....



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English