Asian casino giant wants to bring gambling to downtown Miami

In paying us$ 236 million for the 14 acres that house The Miami Herald, the Asian gaming giant envisions a luxury casino resort on Biscayne Bay even though Florida law forbids it. But people close to the deal say the Asian conglomerate has the patience to wait out the politics of casino gambling, and the deep pockets to stick with the venture if the slot machines and blackjack tables don’t materialize.

“They’re going to hope that four or five years from now, they can print money,’’ Victor Lopez, a former senior Hyatt executive, said of the lush profits a casino can generate. “If the gambling legislation doesn’t come through, then they’ve made a real estate investment. If they take a little bit of a beating, so what? They can afford to.’’

Valued at us$ 45 billion, Genting and its affiliated companies cast a long shadow on two continents’ casino industries, with designs on a third. The largest casino operator in both Southeast Asia and the United Kingdom, the company based in Kuala Lumpur also is a major producer of palm oil and a residential developer. The publicly traded company, which employs about 50,000 people worldwide, used its deep pockets in 1999 to purchase the Miami-based Norwegian Cruise Line, then sold a 50 % stake in 2008 to private investors.

Eager for a U.S. foothold, it outbid rivals in New York last year for the rights to bring a casino to the Queens Aqueduct racetrack. In Miami, the company sees a flagship property in a city with international appeal. “We view Miami as a very important gateway between the United States, Europe and Latin America,’’ Resorts World President Mike Speller said. “We are very, very excited to be here.’’

At a morning press conference, Speller outlined a massive transformation for an industrial site occupied by parking lots and a blocky 1960s building housing waterfront printing presses. In its place would rise hotels, entertainment venues, residential towers, commercial space and other amenities to make the area a “destination resort.’’ Santiago Calatrava, one of the world’s leading architects, appears to be the top pick to design the complex, said Miami Commissioner Marc Sarnoff, who was briefed Friday by developers.

The estimated cost would be between us$ 2 billion and us$ 2.5 billion.

Speller said the project will go ahead whether or not Florida allows casinos to expand beyond Indian lands and selected race tracks and jai alai frontons. But a casino would allow a quicker return, and Genting would dramatically speed up its development timetable if Florida changes its gambling laws, Speller said in a statement. The company is one of several casino operators that has been lobbying to loosen the laws, part of a larger push by the industry to allow a limited number of “destination resorts” with casinos.

“We will begin building a mixed-use development that will be realized in stages as market demands over the next 20 years,” Speller’s statement said. “This timeline may be significantly accelerated if destination resort legislation passes in Florida.”