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RESORTS WORLD MIAMI

Resorts World Miami address:
Biscayne Blvd. Miami, Fl.

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Resorts World Miami
Resorts World Miami - Computer Rendering

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About Resorts World Miami


Cost:
$3 billion
Site:
13.9 acres
Square feet:
10 million
Convention and meeting space:
700,000 square feet (including ballroom)
Ballroom:
200,000 square feet (billed as the largest in the United States)
Hotels:
Four super luxury, contemporary, convention and family
Hotel units:
5,200
Residential units:
1,000
Swimming lagoon:
3.6 acres and 1,000 feet-long
Retail:
250,000, square feet
Restaurants:
More than 50

Resorts World Miami Additional Images

Resorts World Miami

The Resorts World Miami

Genting Chairman KT Lim said Resorts World Miami would create 15,000 direct and indirect construction jobs plus 30,000 permanent positions. But that impact would take until the projects completion. Lim said the earliest completion date would be Fall 2014. Genting expects to be ready to begin site work on the Miami Herald land as early as Spring 2012. The 13.9-acre Herald property was purchased in May for $236 million, and the newspaper has the option to remain in the building rent-free for two years. Genting Group Unveils $3 Billion Master Plan For Resorts World Miami Arquitectonica-designed Destination Resort to create tens of thousands of jobs, draw millions of tourists from around the world, and anchor new three-mile Baywalk along downtown Miami waterfront.

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Additional Information about The Resorts World Miami

Genting buys remaining Omni debt, reveals resort plans

The Genting Group unveiled its vision for a massive bayside resort and made a major move to acquire the Omni site, seeking to bolster its case for a casino gambling license.

Related Content Futuristic Miami resort is different from anything weve done before
By ELAINE WALKER

The Genting Group on Wednesday doubled the footprint for Resorts World Miami as part of a calculated step to win support for a gambling license from the Florida Legislature.

Genting purchased the $161 million note on the troubled Omni Center from Miami real estate investors Jorge Perez, Jimmy Tate and Sergio Rok. The deal, whose purchase price was not disclosed, gives Genting control over the entire $206 million mortgage on the Omni, which is currently in the midst of foreclosure. Genting purchased the other $45 million note last week. The plan: turn Omni into the first stage of Resorts World Miami with the ability to open a casino with restaurants, bars and entertainment facilities as soon as Fall 2012 within months of receiving potential approval from state legislators for a gambling license.

The Omni acquisition is a strategic acquisition that answers the Legislatures concerns about where are the jobs, said Colin Au, a Genting principal. We are taking a calculated risk. We are responding to the concerns and trying to create jobs as fast as possible. The Omni is whats called a decorator-ready solution. By combining the Omni Center with the Miami Herald property and the Checkers site Genting purchased on Biscayne Boulevard, the Malaysian conglomerate has now assembled about 30 acres. While Genting must still complete the foreclosure process on the Omni property, company officials remained optimistic Wednesday that they could reach an amiable resolution with property owner Argent Ventures and gain control of the site within a few months.

The Omni mortgage acquisition came on the same day Genting unveiled its $3 billion master plan for Resorts World Miami.

The mixed-use project is unlike anything South Florida has seen in terms of sheer magnitude and design. With plans for four hotels, two condominium towers, more than 50 restaurants and bars and a luxury retail shopping mall, its being billed as one of the largest projects in the state. The design of the 10 million-square-foot development draws inspiration from the regions coral reefs. The centerpiece is a 3.6-acre outdoor lagoon equivalent to 12 Olympic-size swimming pools and surrounded by natural sand beaches that would allow visitors to literally swim from Biscayne Boulevard to the edge of Biscayne Bay. Resorts World Miami

This will put Miami on the map and make it a destination, said Bernardo Fort-Brescia, co-founder of Arquitectonica, which is designing the project. Miami has not seen resorts of this importance, Orlando has and maybe Las Vegas. This will make Miami more than competitive. It will have an advantage. By acquiring Omni, Genting is in position to speed up the development of Resorts World Miami and offer an immediate benefit of revenue generation and new jobs. The casino would go in the empty 650,000 square feet that once housed the Omni Mall, a process that Genting officials say would take minimal structural work. The Hilton Hotel, existing office tenants and parking garage would remain. An Omni casino would create 5,000 permanent jobs and $100 million per year of taxes for state and local governments, Genting said.

Miami state Rep. Carlos Lopez-Cantera was both skeptical and intrigued by the idea. Its interesting, I would like to see how they would accomplish that, said Lopez-Cantera, the House Republican leader. I would want to see all the details. Thats a lot of jobs theyre talking about.

Genting Chairman KT Lim said Resorts World Miami would create 15,000 direct and indirect construction jobs plus 30,000 permanent positions. But that impact would take until the projects completion. Lim said the earliest completion date would be Fall 2014. Genting expects to be ready to begin site work on the Miami Herald land as early as Spring 2012. The 13.9-acre Herald property was purchased in May for $236 million, and the newspaper has the option to remain in the building rent-free for two years. Jobs and revenue creation are the key selling points that Genting expects to use in its quest to gain state approval for casino gaming. A proposed bill for the coming legislative session seeks approval for two gambling destination resorts in Miami-Dade County and one in Broward County. While Lim says he will continue to develop the site without gambling, the timeline and the project could be dramatically different.

If nothing happens [with gaming] it would be the biggest tragedy when unemployment is so high and here you have something that could create immediate jobs, Lim said. I strongly believe this can be the agent of transformation that can turn Miami into a real city. Resorts World Miamis four hotel towers with more than 5,200 rooms would increase Miami-Dade Countys hotel room inventory by just over 10 percent and give large groups a reason to come for events that could be held in the propertys convention and meeting space. The projects largest hotel would have about 2,000 rooms, making it about 25 percent bigger than the Fontainebleau Miami Beach, currently the largest hotel in the market. The second and third largest hotels would be just slightly smaller than Fontainebleau.

Genting is not the only major casino operator seeking approval for a resort gaming license in Florida. Las Vegas Sands and Wynn Resorts have also been lobbying state officials. A proposed bill would allow three licenses in South Florida. Competition is good, Lim said. The best should win. Hopefully we have done enough and continue to do enough to prove we are the best. The plans unveiled Wednesday are all designed around an eight-level podium that takes up the majority of the Herald site. Within the podium are the bulk of the retail, restaurants, entertainment, convention center and proposed casino. The four hotel towers and two condo towers rise above the podium like candles on a birthday cake.

The details include:

Each of the four hotels would cater to a different clientele: family hotel 2,000 rooms, luxury hotel 1,200 rooms, convention hotel 1,300 rooms and boutique hotel 750 rooms.

Two residential condo towers with 1,000 units sitting behind the Boulevard Shops on Biscayne Boulevard.

More than 50 restaurants, lounges, bars and nightclubs, ranging from fine dining to buffets and a food court for a total of 700,000 square feet.

About 60 luxury shops, plus a marketplace for a total of 250,000 square feet.

Convention and meeting space totaling 750,000 square feet, including a 200,000-square-foot ballroom.

Entertainment facilities include a cinema and an interactive museum.

Parallels were drawn between Miami and Singapore in describing the impact the opening of Resorts World Sentosa has had on changing the tourism and economic landscape since it opened two years ago.

The majority of the revenues in Singapore 70 percent come from non-residents, a pattern Genting expects to continue with Resorts World Miamis drawing the bulk of its guests from Latin America, Europe and elsewhere in North America. Genting estimates that if two destination gambling resorts are approved for Miami, there would be a 30 percent growth in airline revenues 5.4 million more airline passengers and another $2 billion in revenue for the airlines and $170 million in additional fees for Miami International Airport. The hotel industry would see a 50 percent gain in revenue or about $1 billion. Genting has hired Washington Economics Group and Ardvin Laffer Moore to conduct independent studies to verify the economic impact of Resorts World Miami and destination resorts. The results are expected within a month. Resorts World Miami will be someplace thats unique and people will want to come to Miami to experience it, Lim said. It will be the face of Miami hopefully.

Herald staff writers Marc Caputo and Hannah Sampson contributed to this report.

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Resorts World Miami Developer Selects Arquitectonica to Design New $3 Billion South Florida Resort

Posted by Michael Gerrity

Mixed-use development on Biscayne Bay predicted to create tens of thousands of new jobs, draw tourists from around the world.

(MIAMI, FL) -- After considering several world-class architects, Genting Malaysia Berhad ("Genting") has selected Miami, Florida-based Arquitectonica as the Master Plan Architect for Resorts World Miami. An official signing ceremony with Mr. KT Lim, Chairman and Chief Executive of Genting, and Bernardo Fort-Brescia, Co-founder and Principal of Arquitectonica, took place during a reception for more than 200 business and civic leaders at Miami's Adrienne Arsht Center for the Performing Arts.

The Arquitectonica appointment comes less than 3 weeks after Genting's purchase of approximately 13.9 acres of land currently housing The Miami Herald Media Company and an adjacent parking lot. Resorts World Miami will include hotel, convention, entertainment, restaurant, retail, residential and commercial facilities - all designed in accordance with the City's comprehensive zoning code, Miami 21, and focusing on sustainable and LEED certified solutions.The project is expected to create tens of thousands of construction and permanent jobs. Genting's expected total investment will be $3 billion, including $236 million for the purchase of the site.

"Arquitectonica's unique brand of modern Miami architecture, coupled with its worldwide experience designing mixed-use developments and destination resorts and knowledge of Miami's planning guidelines, makes the firm a natural fit to spearhead the conceptual planning of Resorts World Miami," said Mr. KT Lim, Chairman and Chief Executive of Genting. "We have identified a local firm with global expertise which will generate much needed work for the Florida architecture industry. Working with Arquitectonica, we will invite other world-class architects to design specific elements of the master plan, providing iconic buildings and structures that will further enhance the downtown Miami skyline."

Bernardo Fort-Brescia, Co-founder and Principal of Arquitectonica, noted, "I have visited Resorts World Sentosa in Singapore and was impressed by the design, the quality of landscaping, the world class art and the high caliber of the project's operations. Resorts World Miami will be a great contribution to the tourism, entertainment and real estate markets of Miami and South Florida."
Resorts World Miami

Genting is a member of The Genting Group, which has a 25-year track record of investing in the United States. Its business in Florida started 11 years ago when it acquired Miami-based Norwegian Cruise Line (NCL). The Genting Group currently owns 50% of NCL. In 2006, Genting partnered with Universal Studios to build Universal Studios Sentosa, which is part of the $5.5 billion Resorts World Sentosa in Singapore, the world's most successful destination."Genting knows Florida well and we have seen Miami evolve into an international gateway city for the Americas linking Latin America and Europe," said Mike Speller, President of Resorts World. "Resorts World Miami will be another big boost for the South Florida economy and Miami's status as a global tourist destination."

The Resorts World Miami site features 800 feet of waterfront on Biscayne Bay to the east and is bounded by the MacArthur Causeway (part of I-395) on the south, Biscayne Boulevard (part of US Route 1) on the west, and the Venetian Causeway on the north. Both causeways link Miami International Airport with downtown Miami and South Beach, one of world's top beach destinations. The land is located directly across the street from the Adrienne Arsht Center for the Performing Arts of Miami-Dade County and immediately north of Miami's new Museum Park development, the future home of Miami Art Museum and Miami Science Museum.

The Genting Group is the world's largest destination resort operator with resorts world-branded properties in Malaysia, Singapore, Manila and New York City. In addition to the leisure and entertainment sector, the Genting Group has global investments in plantations, power generation, oil and gas, real estate, cruise, leisure and other industries.The Genting Group has five public companies listed on the stock exchanges of Malaysia, Singapore and Hong Kong, with a combined market capitalization of $45 billion and employs more than 50,000 people worldwide.

Arquitectonica is a planning, architecture and interior design firm with a world-wide practice. Spanning several continents, the firm is responsible for numerous projects including resorts and casinos, hotels, retail centers, multipurpose arenas, convention centers and schools and universities, among many others. The firm's work is highly-regarded, gaining recognition from reputable organizations including the American Institute of Architects which has selected Arquitectonica as the AIA Florida Firm of the Year and recipient of the AIA Test of Time Award.


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