The owner of the Malaysian gaming group Genting Berhad, the casinos’ parent company world resorts based worldwide, had been trying to build a casino in Miami for about a decade. While the company was occasionally able to obtain provisional approval for various infrastructure and supplies to support the project, ranging from a marina to a rail system, it never really got its foot in the door to the lavish oceanfront casino to build your dreams (Picture).
The site is in front of the Sea in Biscayne Bayin the arts and entertainment district in front of miami beach.
Now, just four months after he informed the business world of his plans to sell the 15-acre property that was once the headquarters of the Miami Herald, the news is coming At least five bidders are competing for the land with deals worth over $1 billion and registration closer one and a half billion dollarsaccording to Bloomberg News.
Record offer could be approved “within a few weeks”.
Miami real estate agent Michael Fay has confirmed it could be acquired a final decision on the purchase in a few weeks. the highest bid would break records for similar plots.
Fay told Bloomberg: “If we achieve what we hope for, this could be the highest price paid for a development site in the country.”According to reports.
Genting is considered to be one of the favorites when it comes to snagging one of these three full casino licenses that are advertised Downstate New York this year, as it already operates a casino with a Video Lottery Terminal (VLT) next to the one in Queens Aqueduct Racecourse, the largest “casino” in New York to date. Many observers hope that another license will go MGM Resorts for your old VLT Casino Yonkers Raceway family owned. A third is up for grabs and you can see a mega resort with Las Vegas style gambling at one of the half dozen locations ranging from Citi field until Coney Islandor times square, among other potential locations.
Genting would use Proceeds from the sale to fund an expansion your franchise In NYCaccording to a press release from the company November 30, 2022announced his intention to sell the property.
Robert DeSalvio, President of Genting Americas East, commented at the time: “Over the coming months, we will be pooling our resources with the goal of bringing a fully-fledged commercial casino to our New York City property and expanding our already tremendous offering in Las Vegas. We are excited about the expansion opportunities in North America’s two largest gaming markets.”
Potential windfall of billions of dollars
The company bought the former Miami Herald property in 2011 for $236 million.
The site has already completed several feasibility studies as well as progress towards preliminary permits for elevations such as a marina and a monorail system connecting it to the city of Miami.
Whilst it is unclear how much has been spent to maintain and develop the property’s potential, the purchase price and sale price are representative a potential profit of a billion dollars for the company without a single card being dealt or the slot machine being spun.
Spring: Prime Miami Waterfront Property attracts five bids totaling over $1 billionBloomberg, March 24, 2023