The Genting Group, Kuala Lumpur, Malaysia, announced on Wednesday that it plans on investing US$3 billion to build a casino-resort mega-complex in Miami.
The announcement comes as Genting purchased US$161 million in remaining mortgage debt on the Omni Center, a mixed-use commercial, retail and hotel property that will become part of the 14 acre (5.6 hectrare) bayfront mega-complex site.
The mega-complex, being designed by the Miami-based architecture firm Arquitectonica, will be called Resorts World Miami and the Omni building will form the first phase of it to open its doors in the fall of 2012. Overall the mega-complex will include four hotels, a convention center, two residential buildings and a 3.6 acre (1.4 hectare) rooftop lagoon. The land was bought from U.S. newspaper giant The McClatchy Co. in May, and includes the building that serves as headquarters of the Miami Herald newspaper.
