KUALA LUMPUR (June 9): In a rare move, Genting Bhd made a one-time payment of US$10 million as part of the casino and hotel operator's nearly century-long rental of space above an Omni bus station north of downtown Miami within the US state of Florida, said Miami Today.

It reported on June 8 that the one-time payment preceded planned construction of a 36-storey hotel and retail centre on Northeast 14th Terrace.

"Genting, which spent about US$420 million to buy the former Omni mall across the street and the old Miami Herald site to the east, where it has sought to build a vast gambling resort, has a 90-year lease with Miami-Dade for the location, which includes a 25-year renewal option," Miami Today reported.

The report also noted Genting agreed to upgrade and maintain the nearby Omni bus and Adrienne Arsht Metromover stations, for which the total improvement to the stations was valued at about US$22 million in 2017.

According to the report, Resorts World Miami's construction, to take place on one acre, includes a 300-room hotel, 20 floors of apartments and 5,000 square feet of retail.

It said Genting will fund the project itself.

It also said the project is expected to create nearly 1,900 jobs during construction and establish 171 direct and 100 indirect jobs after.

The report also noted beyond the US$10 million payment Genting agreed to in negotiations, the company is to pay the county's transportation and public works department US$100,000 annual rent during construction and the greater of either 50% of gross revenues from the development's retail portion or US$300,000 yearly.

At noon break, Genting fell two sen or 0.39% to RM5.16, valuing the group at RM19.95 billion.