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Genting drops lawsuit from $1.2 billion sale of Miami land

The litigants for the sale of Genting's roughly $1.23 billion land in Miami, Florida, issued a statement on behalf of supplier Genting Malaysia Bhd on Thursday.

Malaysia-based Am Investment Bank Bhd said in a filing from Genting Malaysia to Bursa Malaysia that Smart Miami City LLC, a subsidiary of property developer Terra Group, "requested an extension of the exclusive period and requested modifications to the commercial terms of the sales and purchase agreement."

"The buyer's request has not been approved at this time and therefore the buyer has decided to terminate the current bid. Nevertheless, the buyer remains interested in Miami land," the bank said.

"Genting Malaysia has seen an approximately 400% increase in the value of its investment in Miami in just over a decade and we firmly believe in the continued strength and growth of the Miami market," the filing added

The statement added: "While Malaysia continues to strengthen Miami's remaining holdings, we will consider other opportunities to terminate the sale of Miami land as it is."

Last week, Genting Malaysia's shareholders approved the sale of Resorts World Miami LLC, a group company with four properties, in a majority vote, taking into account cash totaling less than $1.23 billion.

The total area of the four sites is 673,691 sq ft (62,588 sq m). Genting Malaysia acquired the three parcels in May 2011, paying $246 million. The fourth was purchased in May 2017 for $13 million.

Genting Malaysia operates Resorts World Genting, Malaysia's only casino asset. The group also operates casinos in the United States and Bahamas, the United Kingdom, and Egypt.

In early May, the global casino operator said $1 billion of proceeds from the Miami land deal would be used to fund "when future investments occur."

Genting Malaysia has been identified as having the potential to apply for New York State's casino licenses for some time. The New York State Gaming Commission began the process of filing (RFA) for the state's three gaming licenses in January.

BY: 바카라사이트 추천

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