24-06-2011, 03:11 PM
Published June 24, 2011
Genting plans US$3b Resorts World Miami
By LEE U-WEN
(SINGAPORE) Just 16 months after opening Resorts World Sentosa (RWS) in Singapore, Genting Malaysia is now busy spreading its wings further in the North American market, with ambitious plans to build a US$3 billion luxury hotel resort in downtown Miami.
I love Miami: Mr Lim says it's destined to become one of the greatest global cities, soon connecting Asia with the Americas, with direct flights from Singapore and HK
The mixed development project - called Resorts World Miami - will feature a hotel, convention space, entertainment outlets, restaurants, and retail, residential and commercial facilities. It is expected to create tens of thousands of jobs for the struggling economy of the city in the state of Florida.
This will be Genting's second major venture in the United States, having already begun construction of its Resorts World Casino New York. The mega gaming facility at the historic Aqueduct Racetrack in South Queens - the first-ever casino in New York City - is now hiring for over 2,100 positions and will open its doors in the fourth quarter of this year.
But unlike its counterparts in New York, Malaysia and Singapore, Resorts World Miami may not have a money-spinning casino to boost its coffers because of strict Florida laws that ban gaming beyond tribal lands, although analysts believe that the state is poised to liberalise its gaming sector sooner rather than later.
Still, Genting delivered a statement of intent last month to press ahead with plans to build Resorts World Miami as it sealed one of the most expensive real estate deals in Miami's history. The company announced that it would fork out US$236 million for a 5.7 hectare plot of waterfront property in the bustling downtown area where the offices of The Miami Herald newspaper now stand.
In a recent filing with Bursa Malaysia, Genting said that it was looking at funding the purchase through bank borrowings and internally generated funds.
'I believe Miami is destined to become one of the greatest global cities in the world,' said Genting chairman and chief executive officer Lim Kok Thay, at a reception of some 200 business and civic leaders in Miami last week. 'With planes now able to fly non-stop from Singapore and Hong Kong, Miami will soon connect Asia with the Americas.'
Newly appointed Resorts World Miami president Mike Speller said that the project would be 'another big boost for the South Florida economy and Miami's status as a global tourist destination'.
Genting has already appointed renowned architecture and interior design group Arquitectonica to come up with the project's initial master plan by the end of August.
Bernardo Fort-Brescia, the firm's co-founder and principal, said in a speech at the same reception last week: 'I have visited Resorts World Sentosa in Singapore and was impressed by the design, the quality of landscaping, the world- class art and the high calibre of the project's operations. Resorts World Miami will be a great contribution to the tourism, entertainment and real estate markets of Miami and South Florida.'
As to whether the resort could feature a casino in the future, the outcome remains in doubt because both political and community support is needed for Miami to pass new gaming laws - a process that could take years.
Miami Mayor Tomas Regalado, however, threw his support behind Genting's plans to put a casino on the ground level with the resort area above it, so as to appeal to non-gambling visitors.
Mr Regalado, a long- time advocate for expanding Miami's gaming beyond tribal lands, told The Miami Herald: 'The way they have presented it, I do support that. What they're trying to do here is smart: bringing tourists to the resort. If you want to go to the casino, fine.'
Building Resorts World Miami will not be the first time that Genting has invested in South Florida. In 2000, it acquired Miami- based Norwegian Cruise Line (NCL) and currently owns a 50 per cent share.
Mr Lim made reference to the NCL purchase as he described a history with Miami that dates back to his undergraduate days in London 40 years ago, when he first visited the city.
'I enjoyed all that Miami could offer to a young man and I fell in love with Miami, and have come back many, many times. I always feel at home,' he said.
Besides expanding in the US, Mr Lim also revealed last month that Genting is seriously considering opening a casino in Taiwan's scenic Penghu archipelago should the government there give the green light, possibly as early as within the next few months.
Genting plans US$3b Resorts World Miami
By LEE U-WEN
(SINGAPORE) Just 16 months after opening Resorts World Sentosa (RWS) in Singapore, Genting Malaysia is now busy spreading its wings further in the North American market, with ambitious plans to build a US$3 billion luxury hotel resort in downtown Miami.
I love Miami: Mr Lim says it's destined to become one of the greatest global cities, soon connecting Asia with the Americas, with direct flights from Singapore and HK
The mixed development project - called Resorts World Miami - will feature a hotel, convention space, entertainment outlets, restaurants, and retail, residential and commercial facilities. It is expected to create tens of thousands of jobs for the struggling economy of the city in the state of Florida.
This will be Genting's second major venture in the United States, having already begun construction of its Resorts World Casino New York. The mega gaming facility at the historic Aqueduct Racetrack in South Queens - the first-ever casino in New York City - is now hiring for over 2,100 positions and will open its doors in the fourth quarter of this year.
But unlike its counterparts in New York, Malaysia and Singapore, Resorts World Miami may not have a money-spinning casino to boost its coffers because of strict Florida laws that ban gaming beyond tribal lands, although analysts believe that the state is poised to liberalise its gaming sector sooner rather than later.
Still, Genting delivered a statement of intent last month to press ahead with plans to build Resorts World Miami as it sealed one of the most expensive real estate deals in Miami's history. The company announced that it would fork out US$236 million for a 5.7 hectare plot of waterfront property in the bustling downtown area where the offices of The Miami Herald newspaper now stand.
In a recent filing with Bursa Malaysia, Genting said that it was looking at funding the purchase through bank borrowings and internally generated funds.
'I believe Miami is destined to become one of the greatest global cities in the world,' said Genting chairman and chief executive officer Lim Kok Thay, at a reception of some 200 business and civic leaders in Miami last week. 'With planes now able to fly non-stop from Singapore and Hong Kong, Miami will soon connect Asia with the Americas.'
Newly appointed Resorts World Miami president Mike Speller said that the project would be 'another big boost for the South Florida economy and Miami's status as a global tourist destination'.
Genting has already appointed renowned architecture and interior design group Arquitectonica to come up with the project's initial master plan by the end of August.
Bernardo Fort-Brescia, the firm's co-founder and principal, said in a speech at the same reception last week: 'I have visited Resorts World Sentosa in Singapore and was impressed by the design, the quality of landscaping, the world- class art and the high calibre of the project's operations. Resorts World Miami will be a great contribution to the tourism, entertainment and real estate markets of Miami and South Florida.'
As to whether the resort could feature a casino in the future, the outcome remains in doubt because both political and community support is needed for Miami to pass new gaming laws - a process that could take years.
Miami Mayor Tomas Regalado, however, threw his support behind Genting's plans to put a casino on the ground level with the resort area above it, so as to appeal to non-gambling visitors.
Mr Regalado, a long- time advocate for expanding Miami's gaming beyond tribal lands, told The Miami Herald: 'The way they have presented it, I do support that. What they're trying to do here is smart: bringing tourists to the resort. If you want to go to the casino, fine.'
Building Resorts World Miami will not be the first time that Genting has invested in South Florida. In 2000, it acquired Miami- based Norwegian Cruise Line (NCL) and currently owns a 50 per cent share.
Mr Lim made reference to the NCL purchase as he described a history with Miami that dates back to his undergraduate days in London 40 years ago, when he first visited the city.
'I enjoyed all that Miami could offer to a young man and I fell in love with Miami, and have come back many, many times. I always feel at home,' he said.
Besides expanding in the US, Mr Lim also revealed last month that Genting is seriously considering opening a casino in Taiwan's scenic Penghu archipelago should the government there give the green light, possibly as early as within the next few months.