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Miami
Genting to sell Miami property for $4.5 billion
Dec 5, 2022
Miami
By   Internet
  • City News
  • real estate
  • real estate investment
  • real estate market
Abstract: One of the largest undeveloped lots on the waterfront. The property is located on Biscayne Bay, across from Miami Beach and near arts and concert venues.

In the coming months, Genting will consolidate its resources to bring a full commercial casino to the New York City property and expand its presence in Las Vegas.

 

Genting acquired the Florida property in 2011 for approximately $236 million.

 

The company had unsuccessfully applied for a casino license in the state and also announced the construction of six buildings, including hotels and residential units.

 

The company retained the developed Hilton Miami Downtown and Omni Center space.

 

Genting debuted its $4.3 billion Resort World in Las Vegas last year and plans to open a $100 million slot machine casino in Newburgh, N.Y., next month.

 

Genting plans to bid for one of three new casino licenses to be awarded in upstate New York next year.

 

Genting operates a slot machine casino next to the Aqueduct Racetrack in Queens.

 

The company expects to invest more than $1 billion in the expansion of its hotel, resort and casino, including gaming tables.

 

The epidemic has put pressure on the Genting empire.

 

Genting Hong Kong Ltd. lost its cruise ships and its German shipyard.

 

South Florida's housing market boomed during the epidemic, but billion-dollar commercial property deals remain rare, as properties refinanced this year will be valued at more than $1 billion.

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