Genting Group is betting on Miami as future resort destination

Genting Group is betting on Miami as future resort destination

Aug 01, 2011 (The Miami Herald - McClatchy-Tribune Information Services via COMTEX) -- The Genting Group may not be a household name in the United States when it comes to gaming, but it's a safe bet that Chairman KT Lim intends to get there.

The company's recent purchase of The Miami Herald property -- with plans to create a $3 billion destination resort, hopefully with casino gaming -- is Lim's latest step to extend the family-owned company from a significant Asian player to a global high roller.

Since 2002, when he became chief executive of the company his father founded in 1965, Lim has cranked the conglomerate and its five closely-held, publicly-traded companies into a rapid expansion mode. He took the company to the Bahamas and Australia, although they have since exited those markets. In 2006, Genting became the largest casino operator in the United Kingdom. In 2010, the company opened Resorts World Sentosa in Singapore, a $5.5 billion destination resort that includes a Universal Studios Theme Park and a soon-to-come marine park.

Opening this fall is Genting's first U.S. gaming facility: Resorts World New York at Aqueduct Race Track in Queens, a casino with 4,500 video terminals, restaurants and event space.

Also in the pipeline: prominent non-gambling ventures like Johor Premium Outlets, a premium outlet mall opening later this year in Southeast Asia, as part of a partnership with Simon Property Group.

While Genting continues to pursue global opportunities from Taiwan to Vietnam, developing a footprint in the U.S. remains a key part of Lim's growth strategy.

"If you talk to Asians, everybody knows them. But outside of Asia up until recently they were probably unknown," said Melvyn Boey, head of research for Bank of America / Merrill Lynch in Southeast Asia, who follows the Genting companies. "Last July they decided to take a more proactive role in exploring investments in the U.S. Miami is a natural extension of that. It's part of their long-term aspiration to be one of Top 3 global gaming companies."

Genting Malaysia Berhad, the subsidiary that purchased the Miami land, announced plans in 2010 to focus on international expansion. The move came as growth slowed at the company's first signature resort property, Resorts World Genting, opened in the Malaysian Highlands in 1971.

Bahamas bound? Vision Airlines about to launch new flights ...

A few days after announcing that it was axing flights on a number of routes, discount airline Vision says its gearing up for new service to Grand Bahama Island this November, specifically to Freeport.

Word comes after Vision inked an agreement with Grand Bahama Island Tourism Board to begin nonstop service from five cities. Look for flights to Grand Bahama from Ft. Lauderdale, Richmond, Raleigh/Durham, Baltimore/Washington and Louisville. There will also be one-stop, no-change-of-plane service from Destin/Ft. Walton Beach to the tourist spot. Sojourns begin the week of Nov. 14.

Vision Chief Operating Officer David Meers contends, “These new flights will help to revitalize the [island’s] tourism economy.” Meers believes a big part of that revitalization will flow from the fares Vision will charge – as low as $99 from Ft. Lauderdale, and $149 from the other cities. Four-day/three-night hotel package rates begin as low as $299 per person, based on double occupancy. These prices do not include taxes or fees.

Folks at Grand Bahama Tourism Board are upbeat about prospects. “The flights will reposition Grand Bahama again as a closer and affordable paradise to these markets,” contends the board’s chairman, Magnus Alnebeck.

It’s not as if Grand Bahama is bereft of nonstop flights from the United States. US Airways Express offers Charlotte flights to Grand Bahama. Continental Connection and Bahamasair field Ft. Lauderdale flights to Grand Bahama, and American Eagle operates Miami flights to Grand Bahama. One difference Vision brings to the table: full-sized Boeing 737s on its new routes. The other carriers use propjets - with the exception of US Airways’ Saturday service out of Charlotte.

Search and compare cheap flights to Grand Bahama.

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