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Genting’s Miami waterfront property draws offer topping US$1.23 bil
Genting Bhd, the Malaysian casino giant, has received four offers for a trophy Miami waterfront property, once envisioned as the site of a multibillion dollar resort, including a bid exceeding US$1.23 billion.
“There’s been no break in the receipt of offers — at and even above the US$1.225 billion price,” Michael Fay, with broker Avison Young, said in an emailed statement.
The 15.5-acre parcel, the site of the old Miami Herald building, is one of the largest undeveloped stretches of the city’s waterfront. Genting, which once wanted to build a casino there, bought it for about US$236 million in 2011.
A previous agreement to sell the property to a local developer fell through in June.
- Bloomberg
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