Genting sends first $10 million rent check to Miami

Resorts-World-Miami

Malaysia-based Genting Bhd has delivered its first rent check of $10 million as part of the casino group’s 90 year rental of space above an Omni bus station, located across the street from its to-be-built Resorts World Miami resort. 

Resorts World Miami, developed by Genting Group, has an estimated cost of $3.1 billion, and is considered as one of the largest developments in the history of the state.

Once completed, Resorts World Miami will have 300 rooms, 20 floors of apartments and 5,000 square feet of retail over 36 total floors. 

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

As well as the $10 million up-front rent, the company is also to pay the country’s transportation and public works department $100,000 in annual rent during construction, as well as either 50 percent of gross retail revenue or $300,000 yearly, whichever is greater. 

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 he was surprised that Genting did not request rent relief due to the negative financial impact of covid-19, as so many other companies had. 

“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.”

In a letter to Miami Today, a Resorts World spokesperson had a different point of view. 

“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.”

Related Articles

Resorts-World-Miami

Genting sends first $10 million rent check to Miami

Malaysia-based Genting Bhd has delivered its first rent check of $10 million as part of the casino group’s 90 year rental of space above an Omni bus station, located across the street from its to-be-built Resorts World Miami resort. 

Genting boss out of Malaysia’s top 10 richest

Genting Berhad Chairman Lim Kok Thay slipped out of the top ten list of Malaysia's wealthiest tycoons as the pandemic took its toll on the casino business, while Nagacorp head Chen Lip Keong also took a dip in the rankings, compiled by Forbes.
resorts world las vegas

Resorts World Las Vegas partners with crypto wallet provider

Resorts World Las Vegas on Thursday announced it has partnered with Gemini, a cryptocurrency exchange and custodian to explore future opportunities that would allow its patrons to use cryptocurrency around the resort.
Resorts World Las Vegas

Resorts World LV gets high praise from gaming board

Genting's Resorts World Las Vegas property has received licensing approval from the Nevada Gaming Control Board, which praised the $4.3 billion project and its execution. 

Genting’s Lim says outlook uncertain, but will assess growth ops.

Genting Bhd Chairman Lim Kok Thay says he expects global economic conditions to continue to recover and said the group will assess any business opportunities that arise that could complement existing operations or provide new growth.
Resorts World Las Vegas

RWLV on track for Summer opening

Genting’s $4.3 billion Resorts World Las Vegas remains on track to open this summer and says it has received strong local support and excitement about the opening from potential patrons.

Genting Group credit rating confirmed, outlook remains negative

Moody's has reaffirmed the credit ratings of Genting Bhd and Genting Singapore, but said the outlook remains negative due to the uncertainty regarding the pace of recovery.

RWLV to see fully ramped up EBITDA by 2024: Fitch

Resorts World Las Vegas is seen as achieving fully ramped up EBITDA by 2024, three years after its opening, as the pandemic slows visitation, according to Fitch Ratings.
Resorts World Las Vegas

Will Resorts World Las Vegas light up the Strip?

Genting is gearing up for one of the world’s biggest openings this year, with the $4.3 billion Resorts World Las Vegas, though in the short-term at least analysts are more bullish about the company’s prospects at home.

Resorts World LV seen generating $350m revenue in 2022

Resorts World Las Vegas is expected to generate revenue of $350 million in 2022 and EBITDA of $82 million in its first full year after opening this summer, according to Nomura Research.