Those interested in purchasing land in Miami from gaming giant Genting Berhad are making offers starting at $1 billion
The Malaysian conglomerate announced its intention to sell the waterfront property along Biscayne Bay back in November of last year, setting a minimum price of $1 billion at that time. While the identities of the potential buyers remain undisclosed, Genting is expected to narrow the field to three bidders in the coming weeks.
Michael Fay, a broker with Avison Young in Miami, told Bloomberg, "If we achieve what we expect, this could become the highest price ever paid for any development site in the country." The land's potential uses could include office spaces and luxury residential developments.
Genting acquired the Miami land in 2011 for nearly $236 million (around 20 billion rubles at current exchange rates). If the sale goes through successfully, the conglomerate stands to gain more than four times its initial investment.
Initially, Genting Berhad planned to develop a new casino resort on the site, but those plans faced challenges due to the stance of the Seminole Tribe, which owns the nearby Hard Rock property, regarding Florida's gaming industry.
The proceeds from a potential sale could be redirected to other gaming ventures, such as enhancing the Resorts World Casino in Queens, which is vying for one of three gaming licenses in New York. Some funds may also be allocated to the conglomerate's operations in Asia, including Macau. Additionally, Genting operates Resorts World Catskills in upstate New York and Resorts World Las Vegas on the Strip, both of which could benefit from a portion of the revenue.
It's worth noting that a new casino may be established in Malaysia to complement Genting Highlands.
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