Casino Giant Genting Pays $ 10 Million Advance For Resorts World Miami Under Construction

Last week, the Genting Group paid Miami-Dade a $ 10 million advance as part of a 90-year lease on the Malaysian casino giant’s premises above Omni bus station, directly opposite its future.

The $ 3.1 billion Resorts World Miami, developed by the Malaysian company Genting Group, is a proposed all-inclusive resort for the Omni area in Greater Downtown Miami, Florida, USA, and is considered one of the largest events in the state’s history.

Upon completion, Resorts World Miami will have 300 rooms, 20 floors of apartments and 5,000 square feet of retail space on 36 floors.

Genting said the project will create about 1,900 jobs during construction and 271 direct and remote jobs upon completion.

The one-time payment – a deadline agreed in April 2017 between the U.S. and its subsidiary Genting Resort World Miami – precedes the planned construction of a 36-story hotel and shopping mall on Northeast 14th Terrace.

In addition to the $ 10 million in rent, the company must pay the County Department of Transportation and Public Works $ 100,000 per annum for rent during construction and most of the 50% gross income from the retail portion of the complex, or $ 300,000 per annum.

The company also agreed to upgrade and maintain nearby bus and subway stations, which will be valued at approximately $ 22 million.

According to Miami Today, Albert Dotson Jr. of law firm Bilzen Sumberg, which represents Resort World Miami, said: “To be honest, after COVID broke out, especially in light of the lump-sum rent, I assumed Resort World was going to request and receive the same discount on rent that has been granted as a matter of course for many of the county’s tenants, ”he said. “And that was not just my guess — I can’t count the number of times over the past year that county staff asked us if Resort World would actually make this payment.”

On the other hand, a Resorts World spokesman said: “We are well aware of the budgetary constraints many face due to the pandemic, and while our company is not immune to these problems, we want to give Miami-Dade County the opportunity to invest $ 10 million right away. dollars back to the community, ”the letter says.

Leave a Reply

Your email address will not be published. Required fields are marked *