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Resorts World Offers Miami-Dade $20M To Buy Out Port Lease

Genting’s Resorts World Omni LLC and Bimini Superfast Operations LLC subsidiaries want to pay Miami-Dade County $20 million to get out of a lease at Port Miami.

In 2013, the port and Bimini Superfast signed a  lease valued at a minimum of around $60 million over 10 years.

The company used the space at the port to transport passengers to the Resorts World Bimini casino. They have since ceased ferry operations, but continue to make lease payments.

The two sides negotiated a $20 million buyout, based on an $8 million buyout that Bimini Superfast would have if the county had moved forward with construction of a new terminal for the company. Bimini Superfast says that the county is responsible for neglecting to build the terminal.

If the county chose to still build the terminal now, Bimini Superfast would be responsible for an estimated $28 million in minimum lease guarantees, construction and early termination fees.

Dade’s commission is scheduled to vote on the deal next week. Payment of the $20 million is due within three days of the effective date of the deal, should it be approved.

 

 

(photo:facebook)

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7 Comments on "Resorts World Offers Miami-Dade $20M To Buy Out Port Lease"

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William
William

The real sadness of this was the impact to Bimini. They destroyed large portions of the ocean side reef for a direct land birth. The surrounding reefs will likely suffer from the significant drop in elevations near the birth, creating small land slides and long term settling. Hopefully the bahamians will make some use of that new birth.

Berther
Berther

It’s spelled, “berth”, people.

marc
marc

So this was a big failure.

Polo
Polo

It looks that way.

Anonymous
Anonymous

Take the buyout money Miami-Dade.. and put a For Rent sign up.

Anonymous
Anonymous

So far, everything Genting has touched in Miami has been one big failure after another. May I suggest they bow out gracefully and run?

Anonymous
Anonymous

I think they gambled on Cuba opening up in a bigger way. Fathom is already cancelling cruises there.

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