Genting says to turn former Miami Herald site into event venue

KUALA LUMPUR (Jan 25): Genting Group unit Resorts World Miami will use the former Miami Herald site in the US state of Florida as an event venue after Resorts World Miami signed a multi-year deal with Miami-based Loud and Live.

The Real Deal, quoting Genting Group's press release, reported that Resorts World Miami inked the deal with Loud and Live to use the 5.8ha (14.6 acre) site as an event venue.

The Real Deal, which publishes South Florida real estate news, reported: "Malaysian gambling giant Genting Group isn't redeveloping the former Miami Herald site in Miami's Arts & Entertainment District — at least not for now."

"Genting paid US$236 million (about RM920 million) for the property in 2011 with plans to develop a luxury casino and resort, but the gambling component has been blocked by significant legislative opposition," The Real Deal reported. — theedgemarkets.com

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