Resorts World Miami and its president, Christian Goode
Malaysian firm Genting made a splash in Miami in May when it paid $236 million for the headquarters of the Miami Herald, aiming to build a destination casino resort, with two Florida lawmakers sponsoring a bill that would make that happen. In the interim, the company has also taken ownership of the nearby Omni mall, all part of what could be a major shakeup for a long-stagnant corner of downtown Miami. To lead the project, dubbed Resorts World Miami, the company named Christian Goode president, following his work as CFO at the recently-opened Resorts World New York project. The Real Deal talked to Goode about the progress of the Miami plan, early success at Resorts World New York and the company’s moves in Miami real estate.
How would you describe the state of the Miami project right now?
The project in Miami is moving forward. We’re focused on designing something that’s appropriate, that’s appealing, that will draw international visitors to South Florida We’re in the beginning stages which are somewhat nebulous, and have lots of moving parts, but things are moving in a very positive direction.
How would you rate the chances of the Miami casino legislation being passed?
Well I won’t speculate as to what the percentage is. We think that it’s a bill [sponsored by Rep. Erik Fresen and Sen. Ellyn Bogdanoff] that… will do two things: reform gaming in Florida, and bring positive economic benefits to South Florida.
What is the biggest challenge for this project?
I wouldn’t say we have any big challenges, but there are a lot of procedural things. We’re working with all of the stakeholders to make sure that we address the needs of the community.
The project is not just a resort — there is also a residential component. Can you talk about that?
It’s one of the components of the project. We’re looking at the design of the resort, with the kind of amenities that go with it, and we want to design a unique experience, something that’s not already available in the marketplace. That’s going to come online with the rest of the project, over a development time of two to three years. As far as the number of units, we’re not going to significantly increase the inventory of downtown Miami, but we think we’re going to have a product that is unique, to say the least.
Resorts World New York just opened last month at Aqueduct. How has the early response been?
The patronage has far exceeded everybody’s expectations. We’re the best performing property in terms of gaming metrics, so we’re very pleased with that.
Is there anything you learned from Resorts World New York that you will bring to Miami?
What we learned in New York was that some of our efforts really paid off. We were very focused and we made a strong commitment to the community. In New York, we’ll continue to deliver. It’s about being a partner, not just about doing what we think we should do — but getting input, creating a forum where there’s some back and forth.
What is the timeline on the Miami project?
I think that depends on where the legislation goes. We’re looking to break ground as soon as possible. We’re in the planning phase, and were we to get all the opportunities in place, if the opportunity presented itself to break ground, we would. With any of these large-scale developments, there is a lot of work that goes in the planning stage, with permitting, getting approvals. The Herald has until 2013 to vacate, and we know they’re working expeditiously to do that, and that’s kind of the milestone.
Genting recently took ownership of the nearby Omni project. What is the plan for that?
The Omni is an existing property, immediately adjacent to our Herald property. It allows us to expand our footprint, and potentially offer more amenities at Resorts World Miami than we originally considered. We’re still in the initial stage of designing that and seeing how that fits and complements our overall resorts.