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Genting's Miami real estate gamble: idle and uncertain

Genting building@Doug_Hanks

Amid a downtown building boom, one of Miami’s largest landholders continues to sit quietly on the sidelines. The big question: When will Genting make a move?

The Malaysian gambling giant in 2012 pulled back on its grand plans for a 5,000-room casino resort on the Miami waterfront after facing a backlash over the project’s proposed size. Last year it proposed a more traditional mix of condo towers, about 500 hotel rooms and a ground-floor cluster of shops and restaurants.

Now Genting is making moves that could jump-start its stalled plans to build a smaller complex on the waterfront as it bypasses the zoning process in favor of a quick building permit. But with Genting trying to quickly bring a slots casino to land it owns near the waterfront, the company could feel less pressure to start building as it waits for a more favorable gambling climate hinted at this week in Tallahassee. Story here.