Genting buys land for Resorts World Miami

MIAMI Genting Malaysia Bhd. is planning a major leisure development called Resorts World Miami on a 14-acre site it has acquired from The McClatchy Co.

Genting has paid US$236 million for the land, on which The Miami Herald newspaper headquarters currently resides, along with other freehold waterfront properties facing the scenic Biscayne Bay in downtown Miami. The Herald will vacate the site in two years to make way for a mixed-use project to include hotels, convention space, entertainment, restaurants, retail, residential and commercial facilities. Genting plans to fund the purchase through up to US$200 million in bank borrowings.

The land is located across the street from Adrienne Arsht Center for the Performing Arts of Miami-Dade County, which is among the largest U.S. performing arts centers. Miami’s new Museum Park development, the future home of Miami Art Museum and Miami Science Museum, is located immediately to the south.

“Resorts World Miami will be a landmark mixed-use development for Miami, Florida and the United States,” says Genting Malaysia CEO Tan Sri Lim Kok Thay. “Downtown Miami has experienced dramatic residential and commercial growth in recent years, and we believe the addition of a large-scale mixed-use and entertainment complex will be a welcomed addition, further elevating the area’s status as a global destination.”