Could Miami become the Vegas of the East Coast?
It’s a safe bet that family-owned KT Lim, chairman of little-known The Genting Group, will someday become a household name in the US as the company turns the old Miami Herald newspaper property into a US$3 billion resort possibly with casino gambling.
But another equally important issue is whether the state’s legislature will approve a new gambling law to pave the way for the development.
Florida has tiptoed toward Las Vegas-style casinos. It started first with slots, then expanding poker, then blackjack (but only for the Seminole Tribe of Florida).
Genting's blueprints are the first that go for the whole spectrum of gambling — including craps and roulette for the first time in Florida.
“The (planned) mixed-use project is unlike anything South Florida has seen in terms of sheer magnitude and design. With plans for four hotels, two condominium towers, more than 50 restaurants and bars and a luxury retail shopping mall, it’s being billed as one of the largest projects in the state,” writes the Miami Herald.
Lim has already taken the company to the Bahamas and Australia, reported The Miami Herald. In 2006, Genting became the largest casino operator in the United Kingdom. In 2010, the company opened Resorts World Sentosa in Singapore, a $5.5 billion destination resort.
Genting is turning to the US with a casino at Aqueduct Race Track in Queens, which the Herald terms it just the start of “developing a footprint in the US.”
The Miami Herald’s almost 14-acre property was bought for $236 million.
“Miami is a place I understand. Downtown has really been cleaned up in the last 20 years. I’ve literally seen the transformation,” Lim told the Herald. He has been a frequent visitor there.
His company’s vision for Miami includes a plan to secure state legislative approval for Vegas-style resort casinos in Florida. That has been a gaming lobby goal for several years, but currently the only high-stakes gaming allowed in the state is on Indian reservation lands like the Seminole Hard Rock Hotel & Casino.
Without casino gambling, the development of the Herald site could take up to 20 years, Lim told the Herald.
“Florida can be the new California for the Asian market,” Lim said. “There’s a huge pent-up demand waiting to be released. We can be the lead factor to open up that flow. I’m confident this is going to be a transformational thing
By David Wilkening
David
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