Miami Herald parent sells land for $236 million; newspaper operations unaffected

BY DOUGLAS HANKS

Asia’s third largest casino company is paying $236 million for the 14 acres of waterfront land surrounding The Miami Herald, a deal that means a new home for the publishing company and a major new player in downtown Miami’s development boom.

The surprise announcement came after a long-stalled deal for adjoining Herald parking lots fizzled, a seeming victim of the real estate bust. The new buyer is a deep-pocketed Malaysian resort developer, Genting Malaysia Berhad, which operates resorts around the world. Properties include a video lottery facility at the Aqueduct Racetrack in New York and 46 casinos in the United Kingdom.

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