Casino operator Genting Malaysia Bhd announced on Thursday that it would sell land owned by that subsidiary instead of selling its stake in a wholly owned subsidiary that owns some land in Miami, Florida.

Casino investor says one of its units, Resorts World Miami LLC (RW Miami LLC), will sell land just below $1.23 billion in total to Smart Miami City LLC, a unit of property developer Terra Group, in late April. Genting Malaysia announced on Thursday that the deal would be revised because the buyer exercised his right to convert the deal to buying a 100% owned stake in RW Miami instead of land.

"Therefore, buyers and RW Miami must work faithfully to negotiate a revision of the SPA [Trading and Purchase Agreement] to change the transaction structure of the proposed disposal to 100% disposal of RW Miami's ownership stake," Genting Malaysia said in a recent file. Genting Malaysia operates Resorts World Genting, Malaysia's only casino property. The group also operates casinos through related companies in the United States, the Bahamas, the United Kingdom, and Egypt. 파칭코

In early May, the global casino operator said $1 billion of the proceeds from the deal would be used to raise funds "when future investments occur." Genting Malaysia has been confirmed to be potentially applying for a Downstate Casino license in New York for some time. In January, the New York State Game Board launched an Application Request (RFA) process for three game licenses in downtown New York.

Many investment analysts have suggested that Genting Group could be a leader there. It already operates an electronic gaming facility called Resorts World Casino in New York City, and invests in Empire Resorts Inc., which operates the full-service casino resort World Catskills in northern New York.