Gambling in Miami: Not so Fast
Asia’s mega casino company Malaysia-based Genting Berhad are hoping to make Miami the new gambling Mecca. The problem is state law prevents gambling from taking place beyond Seminole control.
With plenty of cash on hand, the company is hoping state legislators are able to change existing laws. Florida was hit especially hard by the real estate crisis.
In one of the priciest real estate deals in Miami's history, Genting Malaysia Berhad announced last month that it was paying $236 million for a 14-acre (5.7 hectare) piece of waterfront property in the downtown area that currently houses the Miami Herald newspaper.
For a total investment of about $3 billion, Genting plans to build a luxury hotel on the site overlooking the azure waters of Biscayne Bay, along with convention, entertainment, restaurant, retail, residential and commercial facilities.
The South Florida region has already poised itself to become a leading host for high stakes poker tournaments.
- Aaron Goldstein, Gambling911.com
