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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. 

 

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Ed Jenkins

The people believe that this company can build whatever structure it wants on its privately owned land however should it try to bring horrible activities such as casino gambling, the people would not allow it as they do not want the drugs, crime and prostitution in their city that these horrible enterprise attract. In addition they do not want more poor as a result of the false hopes these terrible operations give people who can least afford it.

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