KUALA LUMPUR: Tan Sri Lim Kok Thay-led Genting Group had on Wednesday, Sept 14 unveiled an artist impression of its planned US$3 billion (RM9.24 billion) resort with four hotels, 50 restaurants along Biscayne Bay in Miami that could be completed within three to five years, if it gets a casino licence.
“If destination casinos are approved in the next year or two, they'll build it all at once,” Genting spokesman Tadd Schwartz was quoted by SunSentinel.com in a report dated Sept 14.
"If not, they'll build it as the market demands, and take 10 to 15 years."
In fact, with its recent purchase of the 650,000 sq ft Omni Mall site in Miami from a distressed seller, Genting could open a casino with restaurants, bars and entertainment facilities as early as in the Fall 2012, if allowed to do so, the Miami Herald quoted Colin Au, a Genting principal as saying on Sept 14.
By combining the Omni Center with the Miami Herald property and the Checkers site Genting purchased on Biscayne Boulevard, Genting has now assembled about 30 acres of land there, the Miami Herald reported.
As what Genting bought was some US$200 million worth of debt papers, there is still need to complete foreclosure of the Omni property, that includes the Hilton hotel, office tenants and parking garages, which would reportedly be retained.
Genting, whom alongside the world’s biggest casino names like Las Vegas Sands’ Sheldon Adelson who had been lobbying for Florida legislators to allow gaming outside tribal areas, is the first to unveil a big scale plan that could change Miami’s and the broader Florida state’s economic outlook if the Singapore-style multiplier effect is attained.
The project that would change Miami’s skyline would create up to 15,000 construction jobs and employ 30,000 in the long-term, the SunSentinel.com quoted Genting officials as saying.
Genting expects to be ready to start site work on the Miami Herald land as early as Spring 2012, and the project could be completed as early as the Fall 2014, the Miami Herald quoted chairman Lim as saying.
While architect Bernardo Fort-Brescia, who reportedly showed renderings of fish-shaped buildings, breezeways with ocean views and a 3.6-acre beach and swimmable lagoon, insists Genting sees gaming as “just one of many amenities”, analysts say Genting would have a harder time getting returns on its investment if a casino is not part of the equation.
That is mirrored by how construction will only be fast-tracked once it gets a go-ahead to offer blackjack, poker, roulette, craps, slot machines and other gaming favourites on the property built on a 13.9 acre site where the Miami Herald building sits.
Genting proposes 5,200 rooms spread over four hotel towers, two condominium towers with 1,000 units, a 700,000 sq ft convention centre, shopping space, 50 restaurants and nightclubs covering about 10 million sq ft on that land it paid US$236 million for on May 27 this year, according to news reports.
The project’s largest hotel will have 2,000 rooms, making it about 25% bigger than the Fontainebleau Miami Beach, the current leader.
A spot on the third and fourth floors have been staked aside for a casino.
"If you just drop a square box with slot machines and table games you won't have much of an economic impact," Genting’s Au was quoted as saying by SunSentinal.com. "But we think this will be the finest resort in America."
Architect Fort-Brescia sees the Resorts World site as a centerpiece to the three-mile section that runs past Bayfront Park, Bayside, AmericanAirlines Arena and the Adrienne Arsht Center.
"When you describe Miami and Florida, you inevitably come back to the water," he reportedly said. "We've captured that relationship with this design.
The state has yet to approve any kind of destination casino, let alone Genting's plan specifically, SunSentinel.com wrote.
The report also quotes John Lockwood, a gaming law expert in Tallahassee who represents several gambling interests as saying: "The Genting proposal creates a unique policy decision for state lawmakers that will require balance between generating substantial state revenue and creating a competitive environment where the destination casinos, pari-mutuel facilities and Seminole Tribe can prosper.”
“Competition is good,” the Miami Herald quoted Lim as saying. “The best should win. Hopefully we have done enough and continue to do enough to prove we are the best.”
Genting estimates that if two destination gambling resorts are approved for Miami, there would be a 30% growth in airline revenues — 5.4 million more airline passengers and another US$2 billion in revenue for the airlines and US$170 million in additional fees for Miami International Airport. The hotel industry would see a 50% gain in revenue or about US$1 billion, the news report read.
Genting has reportedly hired Washington Economics Group and Ardvin Laffer Moore to conduct independent studies to verify the economic impact of Resorts World Miami and destination resorts, with results expected within a month.
“Resorts World Miami will be someplace that’s unique and people will want to come to Miami to experience it,” Lim reportedly said. “It will be the face of Miami – hopefully.”
Meanwhile, US Representative Erik Fresen, R-Miami, and Sen. Ellyn Bogdanoff, R-Fort Lauderdale, reportedly say they will propose legislation for companies such as Genting to bid on licenses for resort-style casinos in South Florida.
"It won't be geared toward any one vendor," Bogdanoff reportedly said. "We're coming up with a concept and a framework, but at the end of the day you're going to have 160 people total [the House and the Senate] poking at this."
Genting, which already has Resorts World operations in Malaysia, Singapore, the Philippines and soon, New York, also owns 50% of Norwegian Cruise Line Ltd that recently re-filed for listing in the US.
The group, also the UK’s largest casino operator, on June 28 this year was awarded a large casino licence to develop a leisure and entertainment complex at the National Exhibition Centre in Birmingham.
“Our goal is to create Resort World Miami as the most successful destination in the Americas,” Lim said in a statement dated Sept 15, issued after market hours to Bursa Malaysia.
Resorts World Miami will be the highlight of a three-mile Baywalk beginning at the Miami River and running north to Margaret Pace Park. The Baywalk will link Bayfront Park, Bayside Market Place, American Airlines Arena, Museum Park, the Miami Art Museum currently under construction, the new Miami Science Museum that’s being designed, the Adrienne Arsht Center for the Performing Arts and the Omni Centre.
All that will be connected by new public spaces and pedestrian, jogging and cycling paths that would activate this stretch of partly completed Miami waterfront, its statement read.
Genting Bhd rose six sen or 0.64% to close at RM9.50 on Thursday while Genting Malaysia added three sen or 0.9% to RM3.36. On the Singapore Exchange, Genting Singapore advanced two cents or 1.2% to S$1.69.
source : The Edge Malaysia |
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