Genting Group, one of the leading iGaming companies and the Malaysian casino giant, has paid $10 million up-front rent for its future casino resort, Resorts World Miami. The rent was paid to Miami-Dade, as a part of Genting’s 90-year-long rental of space above and Omni bus station.
The $3.1 billion Resorts World Miami is the proposed integrated resort for the Omni District of Greater Downtown Miami, Florida and is considered one of the largest developments in the history of the state.
Building the Biggest Resort in Florida
The resort will have 300 rooms, 20 floors of apartments and 5,000 square feet of retail space over 36 total floors.
According to Genting, the resort will create 1,900 jobs during construction and 271 direct and indirect jobs upon completion.
Genting bought the former Omni Mall across the street and the old Miami Herald site to the east for about $420 million. Genting will have a 90-year lease with Miami-Dade for the location, with an option to renew the lease for 25 additional years.
Representatives from Resorts World say that their company has not been immune to the pandemic challenges and that they are deeply invested in the region’s short- and long-term prosperity as they are looking forward to continuing to work with local leaders on delivering the vision they have.
“We are keenly aware of the budget constraints that many are facing due to the pandemic and, while our company has not been immune to those challenges, we want to provide Miami-Dade County with the ability to invest $10 million back into the community right away. “We are deeply invested in the region’s short- and long-term prosperity and look forward to continuing to work with local leaders to deliver on the vision and promise that we all have for Miami.” – said Resorts World spokesperson.
More About the Group
Genting Group is the leading multinational corporation engaging in the leisure and hospitality, gaming, and entertainment businesses. The Group and its affiliates comprise five public companies listed on the stock exchange of Malaysia, Singapore, and Hong Kong. The company has over 50 years of experience in the travel and leisure business and employs over 60,000 people.
“Casino giant Genting pays $10 million up-front rent for its to-be-built Resorts World Miami”, SiGMA, June 11, 2021.
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