Genting Reveals More on Miami Project
Genting the giant casino and leisure company has announced more details of its vision for Miami.
The US$3 billion resort with four hotels, 50 restaurants along Biscayne Bay in Miami that could be completed within three to five years, if it gets a casino licence.
“If destination casinos are approved in the next year or two, they’ll build it all at once,” Genting spokesman Tadd Schwartz said.
“If not, they’ll build it as the market demands, and take 10 to 15 years.”
In fact, with its recent purchase of the 650,000 sq ft Omni Mall site in Miami from a distressed seller, Genting could open a casino with restaurants, bars and entertainment facilities as early as in the Fall 2012, if allowed to do so.
Genting, whom alongside the world’s biggest casino names like Las Vegas Sands’ Sheldon Adelson who had been lobbying for Florida legislators to allow gaming outside tribal areas, is the first to unveil a big scale plan that could change Miami’s and the broader Florida state’s economic outlook if the Singapore-style multiplier effect is attained.
The project that would change Miami’s skyline would create up to 15,000 construction jobs and employ 30,000 in the long-term.
Genting expects to be ready to start site work on the Miami Herald land as early as Spring 2012, and the project could be completed as early as the Fall 2014.
Genting proposes 5,200 rooms spread over four hotel towers, two condominium towers with 1,000 units, a 700,000 sq ft convention centre, shopping space, 50 restaurants and nightclubs covering about 10 million sq ft on that land it paid US$236 million for on May 27 this year, according to news reports.
The project’s largest hotel will have 2,000 rooms, making it about 25% bigger than the Fontainebleau Miami Beach, the current leader.
A spot on the third and fourth floors have been staked aside for the casino.
“If you just drop a square box with slot machines and table games you won’t have much of an economic impact,” Genting’s Au was quoted as saying by. “But we think this will be the finest resort in America.”
Architect Fort-Brescia sees the Resorts World site as a centerpiece to the three-mile section that runs past Bayfront Park, Bayside, AmericanAirlines Arena and the Adrienne Arsht Center.
“When you describe Miami and Florida, you inevitably come back to the water,” he reportedly said. “We’ve captured that relationship with this design.
The state has yet to approve any kind of destination casino, let alone Genting’s plan specifically.
John Lockwood, a gaming law expert in Tallahassee who represents several gambling interests. “The Genting proposal creates a unique policy decision for state lawmakers that will require balance between generating substantial state revenue and creating a competitive environment where the destination casinos, pari-mutuel facilities and Seminole Tribe can prosper.”
Genting estimates that if two destination gambling resorts are approved for Miami, there would be a 30% growth in airline revenues — 5.4 million more airline passengers and another US$2 billion in revenue for the airlines and US$170 million in additional fees for Miami International Airport. The hotel industry would see a 50% gain in revenue or about US$1 billion, the news report read.
“Resorts World Miami will be someplace that’s unique and people will want to come to Miami to experience it,” Lim said. “It will be the face of Miami – hopefully.”
Lim Kok – Chairman Genting Group
Meanwhile, US Representative Erik Fresen, R-Miami, and Sen. Ellyn Bogdanoff, R-Fort Lauderdale, reportedly say they will propose legislation for companies such as Genting to bid on licenses for resort-style casinos in South Florida.
“It won’t be geared toward any one vendor,” Bogdanoff said. “We’re coming up with a concept and a framework, but at the end of the day you’re going to have 160 people total [the House and the Senate] poking at this.”
Genting, which already has Resorts World operations in Malaysia, Singapore, the Philippines and soon, New York, also owns 50% of Norwegian Cruise Line Ltd that recently re-filed for listing in the US.
The group, also the UK’s largest casino operator, on June 28 this year was awarded a large casino licence to develop a leisure and entertainment complex at the National Exhibition Centre in Birmingham.
