{"id":278700,"date":"2023-06-22T12:13:50","date_gmt":"2023-06-22T17:13:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=278700"},"modified":"2023-06-22T12:22:51","modified_gmt":"2023-06-22T17:22:51","slug":"genting-miami-land-deal-dies-amid-elevated-cre-concerns","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/","title":{"rendered":"Genting Miami Property Sale Falls Apart as Commercial Real Estate Risk Rises"},"content":{"rendered":"

Genting Malaysia\u2019s planned $1.23 billion sale of 16.5 acres of prime South Florida real estate was slated to be one of the largest commercial property transactions in the region\u2019s history. Now, the deal is off.<\/p>\n

\"Genting
Biscayne Bay in Miami. Genting Malaysia’s $1.23 billion land sale there fell apart. (Image: NOAA Habitat Blueprint)<\/figcaption><\/figure>\n

In a Thursday filing to Malaysian securities regulators, the gaming company revealed the buyer, SmartCity Miami, pulled out of the deal after Genting declined to grant the company an extension of the exclusivity period and alterations to the terms of sale.<\/p>\n

Genting Malaysia has seen the value of its investment in Miami increase approximately 400% in just over a decade and firmly believes in the sustained strength and growth of the Miami market,\u201d said the casino giant in the regulatory filing.<\/p><\/blockquote>\n

Genting put the land on the market last November after abandoning hopes of ultimately building a casino resort<\/a> there. The Malaysian company also owns the Hilton Miami Downtown Hotel and the adjacent Omni Center.<\/p>\n

Commercial Real Estate Woes May Have Hindered Genting Sale<\/h2>\n

Gaming real estate stands as an exception, but the current state of the US commercial property market is fragile, a situation exacerbated by the spate of regional bank failures<\/a> seen this year.<\/p>\n

\n

Broadly speaking, Florida\u2019s economy is on strong footing and the state is one of the fastest-growing in the US, but the Genting land deal may have fallen victim to weakening sentiment across the national commercial real estate space. For example, the owner of two of San Francisco\u2019s largest hotels recently defaulted on loans, which will likely add to a string of visible commercial real estate closures in that city. Some experts believe New York\u2019s still slack office market could be a harbinger of duress to come.<\/p>\n<\/div>\n

\u201cWhile we still await clarity from management on the exact reason for the failed sale, one factor that we think which could have affected the outcome was the sharp deterioration in the commercial real estate market in the US over the past few months, and banks\u2019 reluctance to finance large transactions, especially after the bank failures seen recently,\u201d wrote Nomura analysts Tushar Mohata and Alpa Aggarwal of the Genting Miami deal<\/p>\n

Genting noted in the regulatory document that SmartCity Miami<\/a> is still interested in the land and that it will evaluate other opportunities to sell the property. The Asia-Pacific casino giant openly said it is seeking bids of $1 billion or more. By late March, it reportedly had five such offers<\/a>.<\/p>\n

Blow to Genting\u2019s Debt Reduction, New York Plans<\/h2>\n

Had the deal with Smart City reached the finish line, Genting would have realized a $966 million profit on the Biscayne Bay land and $743 million in after-tax profit.<\/p>\n

Those proceeds would have been directed to debt-reducing efforts and to prepare for enhancements to Resorts World New York, assuming the operator is chosen for one of the three yet-to-be-awarded downstate gaming permits there.<\/strong><\/p>\n

\u201cThe sale, had it gone through, would have generated a large windfall for the company \u2026 and would have helped repair the balance sheet of both Genting Malaysia and parentco Genting Bhd by significantly lowering net debt to equity,\u201d added the Nomura analysts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Malaysia\u2019s planned $1.23 billion sale of 16.5 acres of prime South Florida real estate was slated to be one of the largest commercial property transactions in the region\u2019s history. Now, the deal is off. In a Thursday filing to Malaysian securities regulators, the gaming company revealed the buyer, SmartCity Miami, pulled out of the […]<\/p>\n","protected":false},"author":46,"featured_media":245569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,32093,86438,86436],"tags":[81913,81903,81966,86457,86509],"acf":[],"yoast_head":"\nGenting Miami Land Deal Dies Amid Elevated CRE Concerns<\/title>\n<meta name=\"description\" content=\"Genting Miami land sale collapses, possible victim of commercial real estate stress.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting Miami Land Deal Dies Amid Elevated CRE Concerns\" \/>\n<meta property=\"og:description\" content=\"Genting Miami land sale collapses, possible victim of commercial real estate stress.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/\" \/>\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=\"2023-06-22T17:13:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-22T17:22:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\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-miami-land-deal-dies-amid-elevated-cre-concerns\/\",\"url\":\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/\",\"name\":\"Genting Miami Land Deal Dies Amid Elevated CRE Concerns\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg\",\"datePublished\":\"2023-06-22T17:13:50+00:00\",\"dateModified\":\"2023-06-22T17:22:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Genting Miami land sale collapses, possible victim of commercial real estate stress.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg\",\"width\":2560,\"height\":1440,\"caption\":\"Biscayne Bay in Miami. Genting Malaysia's $1.23 billion land sale there fell apart. (Image: NOAA Habitat Blueprint)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Genting Miami Property Sale Falls Apart as Commercial Real Estate Risk Rises\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Genting Miami Land Deal Dies Amid Elevated CRE Concerns","description":"Genting Miami land sale collapses, possible victim of commercial real estate stress.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/","og_locale":"en_US","og_type":"article","og_title":"Genting Miami Land Deal Dies Amid Elevated CRE Concerns","og_description":"Genting Miami land sale collapses, possible victim of commercial real estate stress.","og_url":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-06-22T17:13:50+00:00","article_modified_time":"2023-06-22T17:22:51+00:00","og_image":[{"width":2560,"height":1440,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/","url":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/","name":"Genting Miami Land Deal Dies Amid Elevated CRE Concerns","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg","datePublished":"2023-06-22T17:13:50+00:00","dateModified":"2023-06-22T17:22:51+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Genting Miami land sale collapses, possible victim of commercial real estate stress.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/BB-scaled.jpg","width":2560,"height":1440,"caption":"Biscayne Bay in Miami. Genting Malaysia's $1.23 billion land sale there fell apart. (Image: NOAA Habitat Blueprint)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/genting-miami-land-deal-dies-amid-elevated-cre-concerns\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Genting Miami Property Sale Falls Apart as Commercial Real Estate Risk Rises"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/278700"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=278700"}],"version-history":[{"count":4,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/278700\/revisions"}],"predecessor-version":[{"id":278705,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/278700\/revisions\/278705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/245569"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=278700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=278700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=278700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}