Genting-Miami Herald to create jobs, enliven economy - The Deal Pipeline (SAMPLE CONTENT: NEED AN ID?)
Subscriber Content Preview | Request a free trialSearch  
  Go

Video

Share  |  Reprint

Genting-Miami Herald to create jobs, enliven economy

Published October 6, 2011 at 4:00 AM

Casino operator Genting Malaysia Bhd.'s $236 million acquisition of Miami Herald Media Co.'s waterfront headquarters in May not only catapulted downtown property value, but it has been touted as a "bellwether for the economic health of Miami," says Steven Wilner, partner at law firm Cleary Gottlieb Steen & Hamilton LLP. Wilner advised Kuala Lumpur, Malaysia-based Genting on its acquisition of the property from Miami Herald publisher McClatchy Co. Recently, Genting invested $3 billion to develop the property into Resorts World Miami, a Biscayne Bay, Fla.-based hotel, retail complex and casino (pending approval from Florida Gov. Rick Scott). Wilner notes that the 30,000 permanent jobs that will develop as a result of the construction of Resorts World Miami is the top benefit birthed by the deal terms. - Sarah Hashim-Waris
Share:

Meet the journalists



Movers & Shakers

Launch Movers and shakers slideshow

Cornerstone Real Estate Advisers LLC added Carlyle Group LP's Valeria Falcone as country head of Italy. For other updates launch today's Movers & shakers slideshow.

Video

Charter Communications to acquire Time Warner Cable for nearly $80B

Charter, backed by media mogul John Malone, swooped in to make the purchase after Comcast ended its pursuit of Time Warner last month due to resistance from the Federal Communications Commission. More video

Sectors