Forbes Asia Billionaire Lim Kok Thay's Genting Seeks Buyer For Miami Property After $1.2 Billion Deal Falls Through
Key Highlights :
Genting Malaysia, owned by Forbes Asia Billionaire Lim Kok Thay, is seeking fresh bids for its iconic waterfront site in Miami after U.S. property developer Terra walked away from the proposed $1.2 billion transaction that was announced in April. Located midway between Miami Beach and Miami International Airport, the site is the largest undeveloped waterfront property in downtown Miami.
Genting purchased the site in 2011 when it initially planned to build a casino in Miami. The value of the Miami site has increased 400% in the past decade since Genting bought the property. Genting would have booked an exceptional gain of $967 million if the sale to Terra proceeded.
The company said it will review opportunities to sell the property to potential buyers, adding that Terra remains interested. With a net worth of $2.3 billion, Lim was ranked No. 8 on the list of Malaysia’s 50 Richest that was published this month.
Genting Group was founded in 1965 by his late father, Lim Goh Tong, who had the idea of building a mountain resort in Malaysia, now known as the Resorts World Genting casino resort and theme park. Genting—which also operates casino resorts across Singapore and the U.K.—has interests in plantations, energy and hospitality.
The sale of the Miami property is part of a larger trend of Genting looking to divest from its non-core businesses. In March, the company announced the sale of its theme park business to Comcast's Universal Parks & Resorts for $2.8 billion.
Genting is also looking to sell its stake in the Malaysian-listed Genting Plantations. The company said it has received several offers from potential buyers but is still evaluating the bids.
The sale of the Miami property is expected to attract a number of interested parties, including local developers, real estate investment trusts and international investors. With the potential to develop a world-class waterfront resort, the site has the potential to become a major tourist destination in Miami.
The sale of the Miami site is part of a larger effort by Genting to focus on its core businesses and increase its presence in the international gaming market. The company is looking to expand its operations in the United States, with plans to build a casino in Las Vegas.
Genting is also looking to expand its operations in Macau, where it operates the Resorts World Casino. The company is looking to build a new integrated resort in the Cotai Strip, which is expected to open in 2024.
With the sale of the Miami property, Genting is looking to unlock the potential of its waterfront site and create a new destination in downtown Miami. The sale of the property is expected to generate a significant return for the company, as it looks to expand its operations in the United States and other international markets.
