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Genting Malaysia deliberates on the course of action for its US integrated gaming resort



KUALA LUMPUR: Genting Malaysia Bhd (GENM) is deliberating the appropriate course of action in relation to its investment in the promissory notes issued by the Mashpee Wampanoag tribe to finance the latter’s development of an integrated gaming resort in the US.

In a filing with Bursa Malaysia, the Group said: “ GENM” is currently deliberating the appropriate course of action by working closely with the tribe to review all options available for the Group’s investment in the promissory notes as well as its recoverability. 

“This includes a legislation being introduced in the U.S. Congress which, if passed, will entail the U.S. Department of Interior (DOI) to reaffirm the land in trust for the benefit of the Tribe.”

The integrated gaming resort is located in Taunton, Massachusetts. 

The Group’s total investment (including accrued interest) in the promissory notes as at June 30, 2018 amounted to US$426.3mil (or the equivalent of approximately RM1.77bil). 

GENM said it would make the necessary announcement on further material development of the above matter in due course.

The development of the project was stalled pending further court developments and/or actions by relevant governmental authorities.

On September 7, the U.S. Federal Government (DOI) issued a decision concluding that the tribe did not satisfy the conditions under the Indian Reorganisation Act that allow the tribe to have the land in trust for an integrated gaming resort development.
 

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