Genting Resorts World announced Monday that it wants to stake its fortunes on a scaled-back, slots-only resort on the Miami waterfront, a suggestion that the company may be prepared to sidetrack the glitzy destination resort that it planned two years ago.
Under the proposal, the Malaysian gambling company would enter into a four-way partnership that would allow it to use a permit owned by Gulfstream racetrack to open a slots casino at the Biscayne Bay property once owned by the Miami Herald.
If approved by legislators or state gambling regulators, the permit would allow Genting’s Resorts World Miami to open 2,000 slot machines and off-track betting. The proceeds would be used to augment thoroughbred purses at Gulfstream’s racetrack and go into a non-profit company to benefit the other partners: Florida horse breeders, owners and trainers. Genting and Gulfstream would keep some of the revenue as administrative fees.
“I think it’s game-changing,” said Lonny Powell, CEO of the Florida Thoroughbred Breeders and Owners Association. “This is the first partnership where the revenue stream and investment would actually go back into the horses.”
Gulfstream has argued that a permit it obtained last year for a non-profit subsidiary allows it to operate in both Miami-Dade and Broward counties because of property it owns that straddles the county line. But state regulators have rejected that interpretation and Genting would have to get legislators to clarify the law, get partimutuel regulators to change the ruling or take the matter to court to obtain the permit.
The concept is a “less lucrative option” than the $3.1 billion resort on 13.9 acres originally sought by the company in 2011, said Genting lobbyist Brian Ballard, but allows the company to work with the horseracing industry. More here.
Photo: Former Miami Herald building being dismantled