Billionaire Lim Kok Thay’s Genting Seeks Buyer For Miami Property After $1.2 Billion Deal Falls Through
Genting Malaysia—controlled by billionaire Lim Kok Thay—is seeking fresh bids for its iconic waterfront site in Miami after U.S. property developer Terra walked away from the proposed $1.2 billion transaction that was announced in April.
“The purchaser had requested an extension of the exclusivity period and sought amendments to the commercial terms of the sale and purchase agreement,” Genting said Thursday in a regulatory filing to Bursa Malaysia. “However, the purchaser’s requests were not granted at this time and hence the purchaser has elected to end its current bid.”
The property—located midway between Miami Beach and Miami International Airport—is the largest undeveloped waterfront property in downtown Miami. Genting, which owns casinos in New York and Las Vegas, bought the site in 2011 when it initially planned to build a casino in Miami.
The value of the Miami site has increased 400% in the past decade since Genting bought the property. Genting would have booked an exceptional gain of $967 million if the sale to Terra proceeded. The company said it will review opportunities to sell the property to potential buyers, adding that Terra remains interested.
With a net worth of $2.3 billion, Lim was ranked No. 8 on the list of Malaysia’s 50 Richest that was published this month. Genting Group was founded in 1965 by his late father, Lim Goh Tong, who had the idea of building a mountain resort in Malaysia, now known as the Resorts World Genting casino resort and theme park. Genting—which also operates casino resorts across Singapore and the U.K.—has interests in plantations, energy and hospitality.
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