The greatest gamble ever: Developers in Miami punt $3.8bn on building world's biggest casino resort
Hopes to raise $600 million in tax revenue for Florida
Will have more floor space than Las Vegas' six biggest casinos
Subject to approval of Bill that would take away tribe state's monopoly
By LEE MORAN
28th October 2011
dailymail
The stakes are high in Miami where the world's biggest casino - to eclipse the gaming floors of Las Vegas' top six gambling dens combined - could soon be built.
Malaysian firm Getting is preparing to spend $3.8 billion constructing Resorts World Miami - an 800,000 sq ft paradise containing a staggering 8,500 slot machines.
It will have more gambling space than Sin City's Mirage, Venetian, MGM Grand, Bellagio, Wynn and Caesars Palace put together.
Taking over the town: Resorts World Miami will become the centre-piece of the city's shoreline
Ambitious: Malaysian firm Getting is preparing to spend $3.8 billion constructing Resorts World Miami - an 800,000 sq ft gambling paradise containing a staggering 8,500 slot machines
Project: The resort will have more gambling space than Sin City's Mirage, Venetian, MGM Grand, Bellagio, Wynn and Caesars Palace put together
It will also be two-and-half times larger than the biggest casino in the U.S. - the Foxwoods Resort in Ledyard, Connecticut.
Getting, which has already spent $500 million buying the land around Biscayne Bay, says the project will create around 100,000 jobs - for an area where unemployment currently stands at 10.6 per cent.
It will also give a 5.4 million tourist visitor boost to the city and generate $600 million in much-needed tax revenue for the cash-strapped state.
Florida currently has a $1.5 billion budget deficit.
Profitable: The resort will give a 5.4 million tourist visitor boost to the city and generate $600 million in much-needed tax revenue for the cash-strapped state
Stunning: The site will have four hotels offering 5,200 rooms, 1,000 residential apartments, a water lagoon the size of 12 Olympic swimming pools and more than 50 restaurants and bars
10 LARGEST CASINOS IN THE WORLD
1. Venetian Macao, Macao, China - 546,000
2. City of Dreams, Macao, China - 420,000
3. Foxwoods Resort, U.S. - 340,000
4. Casino Ponte 16, Macao, China - 270,000
5. Tusk Rio Casino, South Africa - 266,330
6. MGM Grand Macao, China - 221,952
7. Sands Macao, China - 229,000
8. MGM Grand Las Vegas, 170,000
9. Casino Lisboa, Portugal - 165,000
10. Borgata Hotel, Atlantic City - 161,000
Located on the city's waterfront, the site will have four hotels offering 5,200 rooms, 1,000 residential apartments, a water lagoon the size of 12 Olympic swimming pools and more than 50 restaurants and bars.
A convention centre, shopping mall and two casinos will also be built.
However, before construction on the ambitious development begins, a Bill to open up gambling laws in Miami has to be approved.
This is because in gambling in Florida is banned, apart from in Native American tribal lands.
It means the Seminole Indian tribe, which owns seven casinos in the state, has a monopoly - and are rumoured to have already spent $140,000 on keeping the company out.
Boost: The project will create around 100,000 jobs - for an area where unemployment currently stands at 10.6 per cent
Development: A convention centre, shopping mall and two casinos will also be built on the site
RESORTS WORLD MIAMI (NUMBERS)
Cost: $3 billion
Site: 13.9 acres
Square feet: 10 million
Construction jobs: 15,000 direct and indirect
Permanent jobs: 30,000
Convention space: 700,000 sq ft
Ballroom: 200,000 sq ft
Hotels: 4
Hotel rooms: 5,200
Residential units: 1,000
Swimming lagoon: 3.6 acres
Retail: 250,000 sq ft
Restaurants and bars: More than 50
Slot machines: 8,500
Leaders pored over the proposed bill on Wednesday, which if given the go-ahead would bring three large casino resorts to the Sunshine State.
Phil Goldfarb, president of Fontainebleau Miami Beach, told Miami-Dade commissioners at a hearing that: 'We’re most concerned about existing businesses.
'When you look at the enormous size and scope of some of these projects, it just doesn’t make sense.'
Other critics see the urban resort scrambling downtown Miami’s ongoing revival and stealing customers from hotels and restaurants from nearby neighborhoods and Miami Beach.
But supporters say it will create jobs and see tens of millions in tourist dollars pour in once it was open.
Esteban Garcia, owner of Garcia’s Seafood Grille and Fish Market on the Miami River, which Genting says may open a second location at the planned resort, told the Miami Herald: 'The Genting resort will be a magnet for the city.
'This kind of resort would bring a lot of new jobs to our community.'
The legislation introduced this week would allow three casino resorts, as long as developers spent at least $2 billion to build them.
