GENTING’S SOUTH FLORIDA PLAN WOULD BE SPED UP BY GAMING
August 4, 2011
Genting plans on turning the Miami Herald building and surrounding acres into Resorts World Miami.
Malaysia-based Genting, which is expected to open Resorts World Casino New York at Aqueduct later this summer, said it will proceed with its $3 billion resort development plans in Miami whether the state legalizes gaming or not, but a casino bill would greatly speed things up.
Genting purchased the Miami Herald building and the 140 acres of waterfront land surrounding it for $236 million in June and announced plans for Resorts World Miami, a multi-purpose complex that will include a luxury hotel, convention and entertainment centers, restaurants, retail and commercial and residential real estate, and, potentially, gaming.
Mike Speller, the New York-based president of Genting’s Resorts World U.S. subsidiary, told Reuters the project will go ahead whether or not Florida changes its gaming laws, but the casino element is the driver of Genting’s business plan, and a green light for commercial casinos would step up development, which is currently forecast to take up to 20 years. “It would certainly shorten the period greatly that we would be able to build out the entire project because there would be that much more momentum,” said Speller.
Genting, Wynn Resorts and Las Vegas Sands have each lobbied for liberalization of Florida’s casino gaming development. A bill that would have allowed for up to five full-scale casino resorts in the state made it to the Senate floor earlier this year but was withdrawn after amendments were attached that would have lowered tax rates at the state’s existing racetrack gaming facilities.
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