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.