GEN Malaysia to Offer Miami Plots for Sale at a Price of $1.2 Billion

Genting Malaysia Bhd has announced that one of its units has a conditional sale and purchase agreement for the sale of several land plots in Miami, Florida, for just under $1.23bn. The sale of four parcels of land to Smart Miami City LLC is expected to result in a gain on disposal of $967m. The sale is expected to provide Genting Malaysia with financial flexibility for its operations and future investments. Maybank Investment Bank Bhd has suggested that Genting Malaysia will use the proceeds to fortify its balance sheet and make a convincing bid for a lucrative downstate casino licence in New York.

Source: GGRAsia.com