• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 9 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
  • 中文
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
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Bids for purchase of Genting’s Miami land parcel near US$1.5 billion

Newsdesk by Newsdesk
Sun 26 Mar 2023 at 07:18
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.

79
SHARES
2k
VIEWS
Print Friendly, PDF & Email

A 16-acre parcel of prime Miami real estate recently put up for sale by Malaysian gaming giant Genting Berhad has attracted five offers of over US$1 billion, including one of almost US$1.5 billion, according to a report by Bloomberg.

Less than four months after Genting revealed it was selling the land following a decade of unsuccessful lobbying for Florida’s state gaming laws to be changed to legalize casinos, local real estate broker Michael Fay confirmed the company was closing in on a sale with a final decision to be made within weeks. He also revealed the highest bid has come in at almost US$1.5 billion – as record price for such a parcel.

“If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” Fay told Bloomberg.

Genting confirmed its intention to sell the land in late November, with the proceeds to be used for its proposed New York City casino expansion.

Robert DeSalvio, the President of Genting Americas East, said at the time, “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.

Genting has now given up on that dream, with the US$1 billion-plus windfall 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.

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

RelatedPosts

MGM’s Hornbuckle bullish on “unique” Macau as China stimulus uncertainty sees gaming stocks dive

MGM’s Bill Hornbuckle extends employment contract through end-2028

Fri 9 May 2025 at 06:34
Grand Korea Leisure extends casino closures until 15 February

Grand Korea Leisure’s casino revenues up to US$26 million in April

Thu 8 May 2025 at 07:03
Guiding light

Light & Wonder maintains year-on-year growth trajectory in 1Q25 on strength of US and Australia gaming markets

Thu 8 May 2025 at 06:45
Konami’s Gaming & Systems revenue slightly down to US$122 million in six months through September

Konami, Aristocrat drive 7.8% increase to AGEM Index in April

Wed 7 May 2025 at 05:05
Load More
Tags: casinoGenting BerhadlandMiamiNorth America
Share32Share6
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Japan Credit Rating Agency affirms Konami’s A+ rating due to “high earning capacity”

Stability in Australia, North America drives 7.4% revenue growth for Konami’s gaming segment in FY25

by Newsdesk
Fri 9 May 2025 at 06:48

Global gaming supplier Konami reported a 7.4% increase in revenue in its Gaming & Systems segment to JPY42.7 billion in the year ended 31 March 2025, with operating profit up by 16.3% to JPY7.3 billion, according to financial statements published...

MGM’s Hornbuckle bullish on “unique” Macau as China stimulus uncertainty sees gaming stocks dive

MGM’s Bill Hornbuckle extends employment contract through end-2028

by Ben Blaschke
Fri 9 May 2025 at 06:34

MGM Resorts CEO and President Bill Hornbuckle has renewed his employment contract with the company through to the end of 2028, after which time he will assume an advisory role to assist with the pre-opening phase of its US$9 billion...

Winds of change

Melco says working with potential buyers on bidding process for City of Dreams Manila

by Ben Blaschke
Fri 9 May 2025 at 06:16

Melco Resorts & Entertainment said Thursday that it is currently in discussions with potential buyers of its stake in Philippines integrated resort City of Dreams Manila and will soon have a shortlist of interested parties that will partake in a...

Melco prices US$750 million Senior Notes offering

Melco smashes revenue and profit estimates in 1Q25, gains market share on powerful performance of Macau resorts

by Ben Blaschke
Fri 9 May 2025 at 05:36

An impressively strong performance in Macau was enough to see Melco Resorts & Entertainment comfortably beat consensus in 1Q25, with the company reporting a 10.8% year-on-year increase in total operating revenues to US$1.23 billion including a 12.2% rise in gaming...



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
  • 中文

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
  • 中文
  • 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.

  • 中文
  • English