Massive new Miami casino planned by Genting

Genting, the company behind Singapore’s Resorts World Sentosa, have unveiled plans to build the world’s largest casino in Miami.

Current Florida law only permits casinos to operate within Native American tribal lands – making the Seminole Indians the state’s monopoly operator. But a bill  being considered by the legislature will change this, allowing for the development of three casino resorts outside of tribal lands provided they each cost more than $2 billion to build.

Genting will be lobbying hard to get this bill over the line, particularly as they’ve already forked out $500 million for 13 acres of Biscayne Bay real estate where they plan to build their casino.

How big?

Resorts World Miami would become the world’s largest casino by some way.  It’s 800,000 square foot gaming floor easily surpasses the 546,000 sq ft of current heavy weight champ Venetian Macao and is also bigger than the combined gaming areas of Las Vegas’ Mirage, Venetian, MGM Grand, Bellagio, Wynn and Caesars Palace.

Also planned are 4 hotels with 5,200 rooms, 1000 residential apartments, 50 restaurants and bars and a lagoon 12 times the size of an Olympic swimming pool.

How likely?

The ball’s in the politician’s court which means the only certainty is uncertainty!

The Seminole Indian tribe are lobbying hard to protect their monopoly and have support from some existing Miami leisure businesses who are worried they’ll lose customers if new casino resorts are built.

Genting are dangling the carrot of 5.4 million additional tourists to Miami, and $600 million in tax revenue.  Pretty attractive carrots to a state government currently running a $1.5 billion budget deficit,  and Genting come with a proven track record in boosting tourism numbers and government revenues.

Their investment to this point also suggests that they clearly mean business!