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
Stacey R. Friedman, general counsel of JPMorgan Chase & Co.'s corporate and investment bank, will succeed Steve Cutler as general counsel of the firm early next year. For other updates launch today's Movers & shakers slideshow.