In a filing with Bursa Malaysia today, the group announced that the would-be purchaser of the Miami property, Smart Miami City LLC, “had requested an extension of the exclusivity period and sought amendments to the commercial terms of the sale and purchase agreement”.

“However, the purchaser’s requests were not granted at this time and hence the purchaser has elected to end its current bid,” GenM said in the filing.

“Nevertheless, the purchaser remains interested in the Miami land,” it added.

The sale of the 16-acre (6.5ha) property was said to be part of a plan to make way for GenM’s bid for a gaming licence in downstate New York. GenM did not disclose whether these plans will be affected by the failed sale of the Miami land.

GenM added that it will review other opportunities to complete the sale of the Miami land as-is, while the company continues to enhance its remaining Miami holdings.

The casino operator has seen the value of the property rise about 400% in just over a decade, reinforcing its confidence in the sustained strength and growth of the Miami market.

It purchased the land for US$259 million (RM789.95 million) in 2011.

The initial plan was to build a casino on the land, which sits on Biscayne Bay, across from Miami Beach.

However, GenM failed to obtain a gaming licence from the state of Florida.

The Covid-19 pandemic has put the broader Genting empire under stress. Genting Hong Kong Ltd lost its cruise lines business and German ship-building facilities, hence the Miami land sale was seen as a much-needed boon to the gaming conglomerate.

GenM shares were traded at RM2.47 at 12.10pm today, down 4 sen or 1.59% from its opening price today, valuing the group at RM14.67 billion.