However, such a decision would be motivated very differently. Genting’s international status could also potentially enable the operator to distribute the sale profits across markets other than the US. The land was originally purchased for $236 million in 2011. The operator at potentially very sizable profit from the sale. As such, Genting is reportedly going to use the proceeds from the sale to fund its casino expansion into New York and further expand its extensive Las Vegas offerings. The decision to sell, however, follows a failed push to legalize non-tribal casinos in Florida.

The parcel was home to the Miami Morning Herald newspaper and sits across Miami Beach on Biscayne Bay. The Malaysian operator started marketing their decision to sell the 16 acres of prime real estate back in November 2022, so attracting five bids over $1 billion is an achievement in and of itself. Genting’s Miami property sale could be finalized within weeks. The Malaysian gambling giant hasn’t announced a final decision yet however, it was reported that three candidates would be shortlisted before that comes to fruition.

The bids were international, with a variety of plans for the future of the waterfront land – from high-end condos or office spaces to situating an entertainment destination there. A Bloomberg article detailed that there was a total of 5 offers exceeding $1 billion.

Genting casino florida controversy