Genting Malaysia shareholders approve Miami land sale

Genting Malaysia has confirmed the sale of its 15.47-acre property to Smart City Miami.

Malaysia.- Genting Malaysia has announced shareholder approval for the sale of land by subsidiary Resorts World Miami in Florida. It will sell four parcels in Miami to Smart Miami City, a unit of real estate developer Terra Group, for US$1.23bn in cash.

At an extraordinary general meeting, 979 shareholders voted in favour of the deal, while 136 opposed it, as confirmed in the filing by Genting Malaysia. Genting Malaysia initially acquired three of the plots in May 2011 for US$246m, while the fourth was purchased in May 2017 for US$13m.

The land comprises a combined area of 673,691 square feet strategically located near commercial, residential and shopping districts. The company has previously said that proceeds from the Miami land transaction, totalling US$1.0bn, will be allocated towards future investments as opportunities arise. 

For the first quarter of the year, the casino operator posted a 32.7 per cent increase year-on-year in revenue, at MYR2.28bn (US$493.7m). The figure was up 32.7 per cent in year-on-year terms but down 6.2 per cent when compared to the previous quarter.