A prominent waterfront Miami site put up for sale by Genting Bhd has received five offers above US$1 billion, potentially setting a record for such property. The 6.3ha plot, formerly home to the Miami Herald newspaper, is one of the city's largest undeveloped parcels. Now it is home to the annual Art Miami and Context fairs.
Genting listed the site for sale in November last year.
According to reports, the current bidders are a mix of international and domestic parties, with potential uses including an entertainment destination, office space, or high-end apartments.
Genting initially purchased the land in 2011 for US$236 million to develop Resorts World Miami on the site.
Resorts World Miami would be a four-hotel tower complex with 5,200 rooms and a 3.6-acre lagoon with a "world-class casino."
It was reported that Genting was unable to get a casino licence in the state, causing it to put the land up for sale late last year.
According to reports, the proceeds of the sale might aid the group's application for one of the three downstate casino licences now available in New York.
Genting has said that via its US subsidiary, it would be "marshaling our resources with the goal of bringing a full commercial casino to our New York City property and expanding our already-tremendous offerings in Las Vegas'.
Currently, Genting owns the Hilton Miami Downtown hotel and Omni Centre space in Miami.
It also operates a slot-machine facility in Queens, with an estimated investment of US$1 billion for an expanded hotel, resort, and casino there, including table games.