{"id":270934,"date":"2023-04-27T15:27:57","date_gmt":"2023-04-27T20:27:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=270934"},"modified":"2023-04-28T11:23:49","modified_gmt":"2023-04-28T16:23:49","slug":"genting-set-for-big-profit-in-miami-land-sale","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/","title":{"rendered":"Genting Selling Miami Land to Local Developer for $1.23B"},"content":{"rendered":"

In what could set a record for urban real estate transactions in Florida, Genting Malaysia is poised to sell 16.5 acres of undeveloped real estate along Biscayne Bay for $1.23 billion.<\/p>\n

\"Genting
Resorts World New York in Queens. Genting could use proceeds from a Miami land sale to enhance that venue. (Image: JCJ Architecture)<\/figcaption><\/figure>\n

SmartCity Miami, a consortium led by David Martin\u2019s Terra, is the winning bidder for the gaming giant\u2019s unused land. Terra is a well-known South Florida real estate developer with interests in apartment, luxury condo, office, and retail projects.<\/p>\n

\n

Genting put the land on the market last November after abandoning hopes of ultimately building a casino resort<\/a> there. Construction of new gaming venues in Florida is difficult because of the stranglehold on the state\u2019s gaming industry maintained by the Seminole Tribe. The tribe operates casinos under the Hard Rock brand.<\/p>\n<\/div>\n

The Asia-Pacific casino giant openly said it was seeking bids of $1 billion or more. By late March, it reportedly had five such offers<\/a>.<\/p>\n

Genting Wringing Massive Profit from Miami Land<\/h2>\n

While Genting\u2019s hopes of building an integrated resort in South Florida didn\u2019t come to fruition, the operator is poised to realize a significant profit<\/a> on the land sale.<\/p>\n

The company acquired the acres in 2011 for $259 million, and even when factoring in carrying costs of $255 million, Genting\u2019s profit is around $966 million, according to Nomura analysts.<\/p>\n

This is a large windfall for the company, in our view, and will help improve the balance sheet for both Genting Malaysia and Genting after years of capex, COVID-19 related slowdown and generous dividends, which have resulted in its net debt-to-equity rising from 19% as of end-2019 to 71% as of end-2022. A rough calculation shows that Genting Malaysia\u2019s net debt to equity will fall back sharply to 21% post the sale,\u201d<\/strong> noted the research firm.<\/p><\/blockquote>\n

Genting plans to keep the acres on which the Hilton Miami Downtown hotel and Omni Center currently reside.<\/p>\n

Genting Could Direct Cash to New York<\/h2>\n

Genting could deploy proceeds from the Miami land sale in a variety of ways. But it\u2019s expected the cash will be retained for the time being, and then directed to the operator\u2019s efforts to procure one of the three downstate casino licenses to be awarded in New York.<\/p>\n

We believe the cash proceeds are likely to be retained within the company for the time being to help fund the down-state New York gaming license capex, should Genting Malaysia be successful in the bidding process. We expect the license award timeline in 1Q24,\u201d<\/strong> added the Nomura analysts.<\/p><\/blockquote>\n

Genting runs Resorts World New York in Queens, a slots-only venue that, along with MGM\u2019s Empire City<\/a> Casino in Yonkers, is widely expected to be \u201cgrandfathered\u201d into a traditional casino permit. Proceeds from the Miami land sale could defray Genting\u2019s licensing and expansion costs in New York.<\/p>\n","protected":false},"excerpt":{"rendered":"

In what could set a record for urban real estate transactions in Florida, Genting Malaysia is poised to sell 16.5 acres of undeveloped real estate along Biscayne Bay for $1.23 billion. SmartCity Miami, a consortium led by David Martin\u2019s Terra, is the winning bidder for the gaming giant\u2019s unused land. Terra is a well-known South […]<\/p>\n","protected":false},"author":46,"featured_media":157612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,32093],"tags":[81913,81903,81966],"acf":[],"yoast_head":"\nGenting Set For Big Profit In Miami Land Sale<\/title>\n<meta name=\"description\" content=\"Genting could use Miami land sale cash for New York casino effort.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting Set For Big Profit In Miami Land Sale\" \/>\n<meta property=\"og:description\" content=\"Genting could use Miami land sale cash for New York casino effort.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-27T20:27:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-28T16:23:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/03fef110bcb928e0833ea2ebee8027ca.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1692\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/\",\"url\":\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/\",\"name\":\"Genting Set For Big Profit In Miami Land Sale\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/03fef110bcb928e0833ea2ebee8027ca.jpg\",\"datePublished\":\"2023-04-27T20:27:57+00:00\",\"dateModified\":\"2023-04-28T16:23:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Genting could use Miami land sale cash for New York casino effort.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-set-for-big-profit-in-miami-land-sale\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/03fef110bcb928e0833ea2ebee8027ca.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/12\/03fef110bcb928e0833ea2ebee8027ca.jpg\",\"width\":1692,\"height\":720,\"caption\":\"Resorts World New York in Queens. 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