Genting Malaysia's Miami land deal called off, open to new bids

KUALA LUMPUR: Genting Malaysia Bhd has announced that Smart Miami City LLC has ended its current bid for the land owned by the group's wholly-owned subsidiary, Resorts World Miami LLC, in Miami.

In a filing with Bursa Malaysia, Genting Malaysia said Smart Miami City has requested an extension of the exclusivity period and sought amendments to the commercial terms of the sales and purchase agreement.

"However, the Purchaser’s requests were not granted at this time and hence the Purchaser has elected to end its current bid," it said.

It added however that Smart Miami City remains interested in the Miami land.

On April 27, Genting Malaysia announced that Resorts World Miami LLC had entered into a conditional sales and purchase agreement with Smart Miami City to dispose of the 15.47-acre land for US$1.23bil (RM5.72bil) cash.

The group noted in the current filing that the value of its investment in Miami had increased about 400% in over a decade.

"We firmly believe in the sustained strength and growth of the Miami market.

"Genting Malaysia will review other opportunities to close on the sale of the Miami Land as-is while the company continues to enhance its remaining Miami holdings," it said.

As at the lunch break, shares in Genting Malaysia were down four sen or 1.59% to RM2.47 on the back of 8.99 million shares exchanging hands.