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Report: Genting 'Considering' Sale of Former Miami Herald Site

Rendering of "Resorts World Miami"

After repetitive unsuccessful attempts at bringing a casino to the waterfront site that once housed the Miami Herald, Malaysian conglomerate Genting Group is "at the very least considering a sale," reports the Miami Herald.

An anonymous source told the paper he was shown the property but Genting denies it.

"We have not shown the property to a potential buyer," Melissa Rieder, marketing manager for Genting subsidiary Resorts World Bimini, wrote in a one-sentence email.

Despite the denial, the reported encounter suggests that Genting, among Miami’s more secretive real estate players, is at the very least considering a sale of the centerpiece of the company’s nearly $500 million portfolio. In total, the developer owns about 30 acres, including the Omni Mall and several parcels next to the Miami-Dade School Board headquarters.

Florida's restrictive gambling laws have proven to be an enormous road block to the casino/resort Genting initially envisioned, dubbed Resorts World Miami.

The 14-acre site was purchased five years ago for a whopping $236 million.