“Resorts World Miami will be developed with or without a gaming component”

What are Genting’s plans for Miami?
Genting plans to build Resorts World Miami, a 30-acre, us$3 billion mixed-use project in Miami, Florida. The development will include retail, hotel, commercial, residential, convention, and entertainment uses all located in the heart of Miami, along Biscayne Bay. Most important, Resorts World Miami will be an engine for more than 40,000 jobs and substantial economic impact state wide. Genting’s expected total investment will be more than $3 billion dollars, including us$ 236 million for the purchase of the waterfront site currently occupied by The Miami Herald Media Company and the subsequent purchase of the adjacent Omni Centre. These properties, combined with nearby parcels, create a 30-acre footprint in the heart of Miami.

How much time do you believe that it will take to concrete it?
Under normal circumstances, construction of a project this size would occur in phases over 20 years, in line with market demand. However, the timeline for Resorts World Miami will be significantly accelerated – to as few as 3-5 years – if Destination Resorts legislation passes in Florida, in which case phase one of Resorts World Miami could open in fall 2012.

Why did you choose Miami-Dade to install Resorts World Miami?
Miami’s existing reputation as an international resort destination, coupled with the growing availability of long-range flights from as far away as Asia, made it the perfect city for this project. Here, we will be able to implement a successful ‘export’ strategy that will create a significant multiplier effect as tourists extend their time in Miami and invest here. Initial projections indicate that approximately 70% of the revenue generated by Resorts World Miami will come from non-locals who descend on Florida from around the world.

What will be the benefits for Omni Community Redevelopment District?
Resorts World Miami will create approximately 40,000 direct and indirect jobs total, providing a big boost to Florida economy and the state’s job market. Genting expects to invest more than $3 billion in this project, making it one of Florida’s largest and most impactful developments in history. Resorts World Miami’s positive economic impact will stretch far and wide—starting from the Omni Redevelopment District to the State of Florida.
Do Miami authorities have current plans to authorize casinos?

State lawmakers have the authority to allow expanded gaming in Miami. They are now considering legislation would allow for three Destination Resort licenses in Miami-Dade and Broward Counties. We are in support of this model, as granting multiple licenses benefits consumers and results in a greater economic impact. Collectively, multiple properties will result in billions of dollars of new investment in Florida, hundreds of millions in new tax revenue that will yield positive impacts statewide, and as many as 100,000 new jobs.

What will happen with Genting plans if the legislation isn’t approved?
Resorts World Miami will be developed with or without a gaming component. That said, the timeline for development is significantly accelerated should a Destination Resort bill pass. A 20-year project delivered in stages in line with market demand could be fully realized in 3-5 years if Genting is licensed as a Destination Resort operator. That means more jobs and more revenue for Florida in a short timeline, as soon as fall 2012.

What are Genting’s projects for the coming months?
Genting team members are in the process of meeting with business and civic leaders and legislators throughout Florida, and have been encouraged by their positive response. This education and outreach will be the focus for the coming months. In January, Florida Legislature’s session begins and Genting will look forward to engaging in a full and open discussion about Destination Resort legislation.