Genting Malaysia has confirmed the sale of its 15.47-acre property to Smart City Miami.<\/p>\n\n\n\n\n\n\n\n
Malaysia.- Genting Malaysia<\/strong> has announced shareholder approval for the sale of land by subsidiary Resorts World Miami<\/a> 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The land comprises a combined area of 673,691 square feet <\/strong>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<\/a> as opportunities arise. <\/p>\n\n\n\n For the first quarter of the year, the casino operator posted a 32.7 per cent increase<\/a> 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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Genting Malaysia has confirmed the sale of its 15.47-acre property to Smart City Miami.<\/p>\n","protected":false},"author":176,"featured_media":18062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Malaysia has secured shareholder approval for its subsidiary, Resorts World Miami, to divest 15.47 acres of land in Miami, Florida, to Smart Miami City for US$1.23bn in cash. The net proceeds, estimated at US$1.0bn, are earmarked for future strategic investments. Concurrently, the company reported a 32.7% year-on-year revenue increase in Q1.","focusai_entities":"Genting Malaysia, Smart Miami City, Resorts World Miami, Terra Group","focusai_location":"Malaysia, Florida, Miami","focusai_target_profile":"ceo_executive (1.0), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Capital Allocation Strategy","query":"How will Genting Malaysia's executive leadership strategically deploy the US$1.0bn net proceeds from the Miami land sale to enhance shareholder value and drive future growth across its core gaming verticals or new market entries?"},{"label":"Impact on US Market","query":"Does the divestment of the Miami land signify a strategic pivot away from potential integrated resort developments in the US, or is it a capital-raising exercise to fund other North American or international gaming opportunities?"}],"footnotes":""},"categories":[157,16333],"tags":[19394],"class_list":["post-777006360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-genting-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777006360"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006360\/revisions"}],"predecessor-version":[{"id":777006393,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006360\/revisions\/777006393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18062"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}