Genting Americas aims to sell land in Miami for US$1bn

The company plans to sell the land to focus on other opportunities, including a potential New York casino.

US.- Genting is planning to sell a 6.5-hectare (16.1-acre) waterfront plot in Miami, Florida, as it eyes opportunities elsewhere in the US. The Malaysian company, which currently runs Resorts World Casino New York in Queens, hopes to win one of the three downstate New York casino licences expected to be granted next year.

Robert DeSalvio, president of Genting Americas East, said: “In the coming months, we will be marshalling 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.”

Genting bought the land in Biscayne Bay, opposite Miami Beach, along with nearby real estate for about US$236m in 2011. It made an unsuccessful bid to get a Florida casino licence and then announced plans to build six towers.

Genting is expected to invest more than US$1bn in its New York casino plans, including a downstate casino and potential expansion to offer casino gaming at is existing Queens location, pending a licence tender. Genting also plans to open a US$100m slot machine parlour in Newburgh, New York, next month. Genting also launched the US$4.3bn Resorts World in Las Vegas last year.

The Genting Group was seriously affected by the Covid-19 pandemic. Genting Hong Kong filed for liquidation in January. The subsidiary sold its Crystal Endeavor cruise ship to the Royal Caribbean Group for US$275m in July.

GMM Limited, a company linked to Genting chairman Lim Kok Thay, has lost its bid for a Macau casino licence. However, analysts think it may now seek a potential joint venture.