Genting moving forward with Resorts World Miami development minus the casino
Malaysia-based Genting Group is moving forward with a resort development in Miami, even though Florida lawmakers ended any chances last month for casino gaming to be approved this year.
Genting Group spent $500 million to assemble 30 acres with 800 feet of waterfront on Biscayne Bay in downtown Miami for Resorts World Miami, a planned $3.8 billion gaming, hotel and entertainment complex that analysts said would rival the Strip in annual gaming revenues, if ever built.
This week, the company said it was developing a dramatically scaled down mixed-use plan for Resorts World Miami.
A five-acre location that currently houses the Miami Herald newspaper building would become the site for a five-star luxury hotel, luxury condominiums, waterfront restaurants, some limited retail and an 800-foot long promenade along Biscayne Bay.
A Miami firm is designing the project. Renderings are not yet available. It is also unclear what would happen to the rest of the 13.9 acres of the Herald’s location. The newspaper is scheduled to leave its building in May 2013.
Genting officials declined comment to the Review-Journal in February for an article the Miami gaming prospects. On the day Florida lawmakers ended discussion of the state’s expansion plans for the year, the company released a statement pledging to "continue to work" on Resorts World Miami.
The casino company, which operates Resorts World Sentosa in Singapore and the slot machine-only Resorts World New York at the Aqueduct Race Track, had the most chips in the pot.
Genting produced elaborate plans for a futuristic complex with four hotels and 800,000 square feet of casino space that, according to an analysis by Spectrum Gaming, would produce $4.5 billion to $6 billion in annual gaming revenue.
In addition to the Herald, the site includes the Omni Center, a mixed-use development that has an empty retail mall, corporate offices and the Miami Downtown Hilton. It's adjacent to the city's Adrienne Arsht Center for the Performing Arts and several of Miami's museums.
