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KUALA LUMPUR (October 21): The Miami-Dade County Board of County Commissioners in the US state of Florida approved an interim contract of up to US $ 14 million (approximately RM58.03 million) with Genting Group and Meridiam Infrastructure North America Corp to study the feasibility of building a monorail between the city of Miami and Miami Beach within a year to 18 months, The Real Deal reported, citing a spokesperson for the project.
According to yesterday’s Real Deal report, the $ 14 million contract marks the first step in approving the nearly $ 600 million system at MacArthur Causeway. The commission was reported to vote on a final plan and contract after the feasibility study is completed.
However, the report did not say which operating entity of casino and hotel operator Genting Group is carrying out the monorail project.
According to the Genting Bhd website, the Genting Group comprises Genting Bhd and its listed companies, which are Genting Malaysia Bhd, Genting Plantations Bhd and Genting Singapore Ltd, as well as the unlisted subsidiaries of Genting Bhd and Genting Energy Ltd and Resorts World Las Vegas LLC.
The monorail project is believed to be run by one of Genting Malaysia’s operating entities.
Genting Malaysia’s latest annual report shows that its wholly owned subsidiaries include Resorts World Miami LLC and Resorts World Omni LLC.
According to The Real Deal report, the interim contract was described as a “baby step” to explore the feasibility of going ahead with a larger $ 586.5 million deal with MDM Partners LLC to build a monorail system in MacArthur Causeway.
“MDM Partners is led by Meridiam and Genting. Meridiam built the billion dollar Port of Miami underwater tunnel.
“Genting, a Malaysian-based casino company, owns approximately 12ha (30 acres) near the Adrienne Arsht Metromover station in Miami’s Omni neighborhood, including the old Omni Mall and the old Waterfront Miami Herald site, with the intention of building a resort with a casino. So far, Genting has been unable to secure legalization for a gambling operation on the land, but it did reach an agreement with the county in 2017 to build a 300-room hotel and bus station near the Metromover station.
“Plans for a monorail between the city of Miami and Miami Beach took a step forward on Tuesday (October 20) [in spite of calls for a deferral from Miami Beach]. The interim agreement will last for 18 months, during which the engineers will consult with Miami and Miami Beach officials, as well as the county, ”reported The Real Deal.
At the time of writing this theedgemarkets.com report today, Genting Malaysia had not made any announcements to Bursa Malaysia in response to reports of Genting Group’s interim monorail contract in Florida.
At the Bursa break at 12.30pm today, Genting Malaysia’s stock price fell one sen or 0.5% to RM2.01, with a market value of approximately RM11.36 billion.
The stock saw 4.06 million shares traded.
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