Genting Malaysia Bhd will let go of its entire ownership interests in its subsidiary Resorts World Miami LLC (RW Miami) which owns parcels of land in Miami.
Existing Deal to Be Converted into 100% Purchase Agreement
In a recent announcement, the casino operator disclosed that a deal involving RW Miami and Smart Miami City LLC, which allows the latter to purchase four parcels of land for nearly US$1.23 billion, would be updated to convert it into a 100% purchase agreement.
Under the original deal signed in April, Genting Malaysia, through its Miami unit, would sell four parcels of land measuring 15.47 acres for US$1.225 billion to Smart Miami, a subsidiary of real estate development company Terra Group.
According to Genting Malaysia, Smart Miami decided to exercise its right to purchase 100% of the ownership interests in RW Miami instead of just acquiring four parcels of land. The amended agreement will see Genting Malaysia dispose of RW Miami, with the majority of the cash proceeds from the deal set to be used for future investments.
More Details of the Updated Deal to be Announced Soon
Genting Malaysia said RW Miami and Smart Miami will now enter into negotiations to introduce the necessary changes to the sale and purchase agreement (SPA). The company will release further details once the amendments have been finalized and agreed by both parties.
