• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 19 July 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

US$1.23 billion sale of Genting Malaysia’s Miami land parcel collapses

Ben Blaschke by Ben Blaschke
Thu 22 Jun 2023 at 10:12
Genting Malaysia reaches agreement to sell Miami land parcel for US$1.23 billion

Image courtesy of Miami Herald.

75
SHARES
1.9k
VIEWS
Print Friendly, PDF & Email

The sale by Genting Malaysia of a 15.5-acre block of land in Miami, Florida for US$1.23 billion has fallen through, the company has announced.

In a filing to the Malaysia Bourse on Thursday morning, Genting Malaysia revealed that the purchaser, Smart Miami City LLC, had decided to end its current bid after requesting an extension of the exclusivity period and amendments to the commercial terms of the Sale and Purchase Agreement – requests Genting Malaysia chose not to grant.

While the company said Smart Miami City remains interested in the land, it will also continue to review other opportunities to close on a sale while continuing to enhance its remaining Miami holdings.

“Genting Malaysia has seen the value of its investment in Miami increase approximately 400% in just over a decade and firmly believes in the sustained strength and growth of the Miami market,” it explained.

Nomura analysts Tushar Mohata and Alpa Aggarwal said in a note that they were “negatively surprised” by the news, which would have seen Genting Malaysia generate a pre-tax gain of US$966 million and a post-tax gain of US$743 million. The transaction had been flagged as a means of funding expansion of the company’s New York City casino should it win one of three full licenses up for grabs.

“The sale, had it gone through, would have generated a large windfall for the company … and would have helped repair the balance sheet of both Genting Malaysia and parentco Genting Bhd by significantly lowering net debt to equity,” the analysts said.

“While we still await clarity from management on the exact reason for the failed sale, one factor that we think which could have affected the outcome was the sharp deterioration in the commercial real estate market in the US over the past few months, and banks’ reluctance to finance large transactions, especially after the bank failures seen recently.”

While US news articles suggest that Genting Malaysia will likely negotiate with one of four other companies to have initially bid for the land, Nomura commented that capital markets “remain challenging and a new buyer may have difficulty lining up financing for such a massive deal”.

Genting Malaysia first purchased the land in question for US$259 million in 2011 with plans to develop a large-scale integrated resort dubbed Resorts World Miami. However, hopes that Florida might push through new gambling legislation to allow such a development were never realized and it is considered unlikely any such legislation will happen in the foreseeable future.

Genting also owns the Hilton Miami Downtown hotel and connected Omni Center.

RelatedPosts

American poker pro Michael Mizrachi just completed the greatest feat in poker history

American poker pro Michael Mizrachi just completed the greatest feat in poker history

Thu 17 Jul 2025 at 11:38
Nevada’s 440 casinos closed as Governor issues unprecedented shut down of all non-essential businesses

IAG’s sister company CDC Gaming launches 4th annual “10 Women Rising in Gaming” alongside Global Gaming Women

Wed 9 Jul 2025 at 06:15
IGT, Scientific Games help boost AGEM Index in December

Konami, Aristocrat lead strong gain for AGEM Index in June

Tue 8 Jul 2025 at 05:44
Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

Wed 2 Jul 2025 at 09:39
Load More
Tags: Genting MalaysialandMiamiNomuraNorth America
Share30Share5
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners said to be eying Crown Resorts to run casino at Queen’s Wharf Brisbane if takeover talks succeed

by Ben Blaschke
Fri 18 Jul 2025 at 11:11

Star Entertainment Group’s Hong Kong partners are reportedly looking to replace Star with its local rival Crown Resorts as operator of the casino at Queen’s Wharf Brisbane should the partners complete a deal to acquire Star’s 50% stake in the...

Inside Thai IRs

Las Vegas Sands’ Patrick Dumont says Thailand needs “regulatory clarity, long-term vision” to fulfil entertainment complex ambitions

by Ben Blaschke
Fri 18 Jul 2025 at 06:02

The President and Chief Operating Officer of Las Vegas Sands Corp, Patrick Dumont, has highlighted the concerns of international investors around Thailand’s stalled push to legalize casino gaming, noting the need to ensure “regulatory clarity” and “long-term vision”. He also...

Melco awarded 20-year license to operate City of Dreams Sri Lanka

Bollywood star pulls out of City of Dreams Sri Lanka opening but flagship event to continue as planned

by Newsdesk
Fri 18 Jul 2025 at 05:51

Melco’s City of Dreams Sri Lanka will hold its Grand Opening on 2 August, but will have to do so without the presence of the event’s main attraction after Bollywood star Shah Rukh Khan was a late withdrawal. Khan’s agency...

SJM and Macau police hold large-scale drill simulating casino robbery

SJM and Macau police hold large-scale drill simulating casino robbery

by Pierce Chan
Thu 17 Jul 2025 at 12:37

Six government departments including Macau police agencies held a large-scale drill in partnership with SJM Resorts on Wednesday in which they simulated a bomb threat and armed robbery at a casino. The exercise, named “Wolf Capture 2025”, involved the Unitary...



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