Genting acquires land next to Resorts World Bimini

Genting Malaysia says one of its subsidiaries has bought a 16.2-acre plot of land adjacent to its Resorts World Bimini resort in the Bahamas for $24.6 million.
In a filing with Bursa Malaysia, Genting said the acquisition will give the group better control in terms of planning for future development and expansion.
Genting unit, BB Entertainment, bought the land from RAV Bahamas Ltd, which owns 30 percent of BB Entertainment.
The company is currently constructing a 307-key hotel on the plot, the filing says.
As part of the accord, BB Entertainment has entered an option with RAV that will allow it to buy undeveloped land totaling 103.4 acres at a price to be agreed upon by Genting and RAV, subject to evaluation by a third-party. The option agreement secures the Genting group’s right to buy the land at any time before 19 March, 2016.
The resort is scheduled to officially open its new port on Sept. 18th. The port will allow for high-speed travel between Bimini and Fort Lauderdale in Florida.

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