Genting Seeks $1 Billion for Miami Property Once Seen as Casino

Genting Bhd, a major casino operator, plans to sell some of its Miami real estate, and is seeking more than $1 billion as it looks to focus on other investment opportunities such as New York.

The 16-acre (6.5-hectare) parcel, once home to the Miami Herald newspaper, is one of the largest undeveloped pieces of land along the city’s waterfront. The property sits on Biscayne Bay, across from Miami Beach and near art and concert venues. The brokerage firm Avison Young will handle the listing, Genting said.

“In the coming months, we will be marshaling our resources with the goal ...