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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.

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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.

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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.

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