South Florida’s thriving condo market is sustainable, with financing flowing: developers panel at TRD Miami event
Malaysian firm Genting, which plans to develop the Resorts World casino project in Miami if it can receive legislative approval, has announced it will open a new casino just over 50 miles east of the city on the island of Bimini in the Bahamas. The 10,000-square-foot project at the Bimini Bay Resort, which is a partnership with RAV Bahamas, a subsidiary of Miami developer the Capo Group, is set to open in December. “It’s a $24 million investment, and we’re hoping to open by December,” said Alex Capo, CEO of RAV Bahamas. Genting purchased the Miami Herald’s headquarters in 2011 for $236 million, along with nearby land in the Omni neighborhood, but it is still seeking the nod from Florida’s lawmakers for its casino. Dana Leibovitz, vice president of operations at Resorts World Miami, is the president of Resorts World Bimini Bay. “It’s a casino attached to the biggest Marina in the Bahamas, so we’re large,” said Jesus Castanon, head of the real estate division for RAV Bahamas. “It’s a unique situation.” — Alexander Britell
