Genting Malaysia buys prime land for new resort in Miami
May 31, 2011
Bayfront 2011 Property, LLC, a subsidiary of Genting Malaysia Bhd, has acquired 5.62 hectares in Miami, the United States for US$236 million (RM708 million) for mixed-use development, according to a Bernama report.
According to Genting Malaysia, the land includes a large waterfront property enclave that faces Biscayne Bay.
Genting Malaysia will work on a master plan for its next resort harnessing on Miami’s strength as a major tourist destination.
Resorts World Miami will be developed as an integrated resort which will include a hotel, entertainment, convention centres, restaurants, retail, and residential facilities.
In a statement, Genting Malaysia chairman and chief executive Tan Sri Lim Kok Thay said that Resorts World Miami will be a landmark mixed-used development for Miami, Florida, and the US.
Resorts World Miami is slated to be Genting Malaysia’s second venture in the US after Resorts World New York.
This new acquisition in Miami is an important move as part of Genting Malaysia’s international expansion efforts in the leisure, hospitality and entertainment industry. – Malaysian Insider
