KUALA LUMPUR (July 27): Genting Malaysia Bhd has proposed to transfer boat-slip permits from properties on the Miami River in Florida to the casino operator's waterfront site, which has been earmarked for a 50-yacht marina, according to Miami Herald.

Miami Herald, quoting Genting Malaysia subsidiary Resorts World Miami's consultant's letter to the Miami-Dade County, reported that Genting Malaysia had floated an "unusual proposal" to the regulator.

"It asks the county's Department of Regulatory and Economic Resources to allow the company to transfer existing boat-slip permits from properties on the Miami River owned by a scion of the Matheson family — something county regulators say has never been done.

"In a July 5 letter to the county, though, Resorts World's consultant, Kirk Lofgren of Ocean Consulting, outlined a proposal to transfer 42 slip permits now attached to Austral Marina — which Lofgren owns — and three parcels owned by Finlay Matheson on which he operates a marina and has leased out space to Apex Marine, a repair and maintenance boatyard," Miami Herald reported.

Miami Herald reported the proposal prompted speculation that Genting Malaysia's long-delayed project at the waterfront site was ready to progress.

Genting Malaysia bought the old Miami Herald site in 2011 for US$236 million (about RM961 million), according to Miami Herald's report.

"The casino giant originally announced plans for a massive gambling resort on the property, including a big marina, but those foundered when the Florida Legislature failed to legalise casino gambling.

"Genting has said it still intends to build a resort hotel on the site, but has not submitted a plan to the city, and its intentions remain shrouded in mystery," Miami Herald reported.

Miami Herald said Genting Malaysia officials could not be reached for comment.

At Bursa Malaysia, Genting Malaysia shares rose three sen or 0.7% to settle at RM4.45 for a market value of RM25.23 billion at 2.34pm. The stock saw 376,600 shares traded. — theedgemarkets.com

 Want to know the price trends of a development? Click here.

  1. High interest rates help botched Genting Malaysia’s US$1.2b Miami land sale?
  2. Nomura ‘negatively surprised’ by collapse of Genting Malaysia’s sale of Miami land
  3. Genting Malaysia says Miami land parcel purchaser has ended US$1.225 billion bid