Genting Malaysia’s Miami land sale falters

An agreement between Resorts World Miami and Genting Florida to sell a Miami land plot for US$1.2bn to Smart Miami City has fallen through, Genting Malaysia Berhad announced on Thursday.

In a filing, Genting Malaysia confirmed that Smart Miami City had sought an extension of the exclusivity period as well as amendments to the sales and purchase agreement’s commercial terms.

“However, the Purchaser’s requests were not granted at this time, and hence the Purchaser has elected to end its current bid,” it said.

It stressed, however, that Smart Miami City remains interested in the Miami land.

Genting Malaysia announced in April that Resorts World Miami LLC had entered into a conditional sales and purchase agreement with Smart Miami City to dispose of the 15.47-acre land for $1.23 billion cash. The company stated that the value of its investment in Miami had increased four-fold in the past ten years.

Genting believes that Miami’s market is firmly on the rise and will remain so for a long time.

“Genting Malaysia will review other opportunities to close on the sale of the Miami Land as-is while the company continues to enhance its remaining Miami holdings,” it said.

Source: Asia Gaming Brief