The Real Deal Miami

Genting bets on Miami

August 01, 2011 10:39AM

The Genting Group, which purchased
the Miami Herald’s headquarters
in downtown Miami, plans to create a
$3 billion resort, potentially with a casino, on the site. The deal is
part of a new expansion strategy by the Malaysian company, whose first
U.S. gaming facility, Resorts World New York at Aqueduct Race Track in
Queens, will open this fall. While the company is well known in Asia,
its foreign reputation is decidedly quiet. “If you talk to Asians,
everybody knows them,” said Melvyn Boey, head of research for Bank of
America/Merrill Lynch in Southeast Asia. “But outside of Asia up until
recently they were probably unknown.” Chairman KT Lim said the decision
to buy the Herald site was an easy one. “Miami is a place I understand,”
he said. “Downtown has really cleaned up in the last 20 years. I’ve
literally seen the transformation.” [Miami Herald]