Casino giant Genting pays $10 million up-front rent for its to-be-built Resorts World Miami

Posted: Jun 11, 2021 10:12 Category: Asia , Casino , Land-Based ,

The project would create nearly 1,900 jobs during construction and 271 direct and indirect jobs after

Last week, a $10 million up-front was paid by Genting Group to Miami-Dade as part of the Malaysian casino giant’s 90-year-long rental of space above an Omni bus station, right across to its future casino resort, Resorts World Miami.

The US$3.1 billion Resorts World Miami, developed by the Malaysian based Genting Group, is the proposed integrated resort for the Omni District of Greater Downtown Miami, Florida, USA and is considered one of the largest developments in the history of the state.

Resorts World Miami will feature 300 rooms, 20 floors of apartments and 5,000 square feet of retail over 36 total floors, after completion.

Genting CEOGenting said the project would create nearly 1,900 jobs during construction and 271 direct and indirect jobs after.

Genting, which spent about $420 million to buy the former Omni mall across the street and the old Miami Herald site to the east, where it has sought to build a vast gambling resort, has a 90-year lease with Miami-Dade for the location, which includes a 25-year renewal option.

The one-time payment – the term that was agreed in April 2017 between USA and Genting subsidiary Resort World Miami – precedes planned construction of a 36-story hotel and retail center on Northeast 14th Terrace.

Beyond the $10 million rent, the company is to pay the county’s transportation and public works department $100,000 annual rent during construction and the greater of either 50% of gross revenues from the development’s retail portion or $300,000 yearly.

The company has also agreed to upgrade and maintain the nearby bus and metro stations, which would be valued at around $22 million.

According to Miami Today, Albert Dotson Jr. of law firm Bilzen Sumberg, which represents Resort World Miami said shockingly, “To be candid, once COVID hit, and particularly in light of the size of the one-time rent payment, I assumed that Resort World was going to request and receive the same sort of rent relief that has been afforded as a matter of course to so many of the county’s tenants,” he said. “And that assumption was not mine alone – I cannot count the number of times we have been asked by county staff over the past year whether Resort World was really going to be making this payment.”

On the other hand, Resorts World spokesperson stated, “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,” the email said. “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.”

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