Genting’s Miami project moves ahead

The Genting Group, Kuala Lumpur, Malaysia, announced on Monday that it acquired the Omni Center & Hilton Hotel complex in downtown Miami, a step forward for the development its large Miami casino-resort project.

Genting purchased US$161 million in remaining mortgage debt on the Omni Center, a mixed-use property in September.

The location will be included the $3.8 billion Resorts World Miami project, which is planned to be a casino-resort mega-complex assuming the Florida State Legislature approves changes to gambling laws to allow the development to move forward. 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.