Genting Malaysia has decided to sell off its land in Miami Florida and use it to bolster their chances with a new downtown New York casino resort.
The company said that it wants to sell the 15.5 acre site for $1.2 billion and has entered into a “conditional sale” of the land which is owned by their subsidiary business Resorts World Miami.
Should the deal go through it will sell the four parcels of land totalling 15.5 acres for $1.2 billion and leasehold of $25 million.
According to the filing the purchaser is named as Smart City Miami and is thought to be involved with real estate development.
Genting acquired the land back in 2011 for $259 million and so represents a good return for the investment that once was hoped given political changes to develop a casino resort, however all attempts have failed and now Genting are focussing on the New York opportunities.
