Genting Malaysia is planning to sell 16.5 acres of undeveloped land on Miami’s Biscayne Bay to a South Florida real estate investor, with proceeds earmarked for its New York casino bid.
The Asian gaming operator, which bought the land for $259 million in 2011, will turn a handsome profit on the deal: SmartCity Miami, led by David Martin’s Terra, has agreed to pay $1.23 billion for the parcel. That’s a $966 million windfall for Genting, according to Nomura analysts, “and will help improve the balance sheet for both Genting Malaysia and Genting.”
SmartCity beat out eight other bidders, said real estate broker Michael T. Fay. “Ultimately, our client chose the developer with the right experience and motivation to bring an iconic, transformational project to the area.” The deal is slated to close by the third quarter of 2023.
Genting owns and operates casinos in Singapore and the Philippines as well as its Malaysian homeland. It has more than 30 casinos in the U.K., and three in the U.S.: Resorts World Las Vegas, Resorts World Catskills and Resorts World New York.
Analysts agree that the Miami sale will help fund a bid for one of three full-scale casino licenses now up for grabs in the New York City area. Resorts World New York, a racetrack in Queens borough, currently offers slots and VLTs. If it nabs one of the new licenses, it can add table games. Both the Genting property and MGM’s Empire City Casino in Yonkers are expected to win licenses. That leaves just one license available, in New York City.
