Genting Miami Land Sale Approved by Shareholders as Company Folds on Casino

Genting Malaysia, a wholly-owned subsidiary of the Genting Group, a conglomerate that has holdings in resorts, casinos, energy production, and agriculture, became a significant landowner in the Miami region more than a decade ago when the firm acquired the property that formerly housed The Miami Herald.
Genting in May 2011 purchased about 14 acres of Biscayne Bay frontage for $236 million. Genting added to its Miami property in 2017 with another parcel adjacent to the Herald campus for $13 million.
Genting acquired the properties, which total about 15.5 acres, in preparation of Florida lawmakers moving to legalize commercial gaming and the welcoming of casino developers. Genting spent significantly lobbying state lawmakers to no avail. After 12 years of holding on to the land without action, Genting is ceasing its Sunshine State ambitions. The company plans to use the profits to support its other gaming activities, both domestically and globally.
 
Back
Top