GGRAsia – GEN Malaysia to get 7-yr contract for tribal casino

GEN Malaysia to get 7-yr contract for tribal casino

Apr 05, 2016 Newsdesk Latest News, Top of the deck, World

Casino operator Genting Malaysia Bhd confirmed in a filing that it would be managing the casino at a resort being developed by a Native American tribe in Massachusetts in the United States.

The firm’s appointment as manager of the casino “is expected to be for a period of seven years commencing from the opening of the … property,” Genting Malaysia said on Friday in a filing to Bursa Malaysia. The appointment is still pending approval from the National Indian Gaming Commission, it added.

The Mashpee Wampanoag Tribe is developing the US$1-billion First Light Resort and Casino (pictured in a rendering) in Taunton, located approximately 64.4 kilometres (40 miles) south of Boston, Massachusetts. The tribe held a ground-breaking ceremony for the scheme on Tuesday.

The project includes a 150,000 square feet (13,935 sq metres) casino, featuring 3,000 slot machines, 150 gaming tables and 40 poker tables, according to Genting Malaysia’s filing. The casino will be managed by one of Genting Malaysia’s subsidiaries, Genting Massachusetts LLC.

Tribal leaders last month reportedly told the Gaming Commission they expect to break ground on the project this month and plan to have a portion of the casino open for business by the summer of 2017.

Genting Malaysia – part of Malaysian conglomerate Genting Bhd – runs Resorts World Genting, Malaysia’s only casino resort, and operates casinos in the United States, the Bahamas and the United Kingdom.

In Friday’s filing Genting Malaysia said it does not have any equity interest in the new project. The company has so far invested US$249.5 million in interest-bearing promissory notes issued by the Mashpee Wampanoag Tribal Gaming Authority for the initial development phase of the casino resort, it said.

“Genting Malaysia group’s foray into the gaming industry in Massachusetts is expected to complement and further establish the group’s growing presence in the U.S., where it already has operations and developments in the states of New York and Florida,” said the casino operator.