• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Malaysia mulls options now U.S. casino project stalled

Sep 17, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


GEN Malaysia mulls options now U.S. casino project stalled

Casino operator Genting Malaysia Bhd says it is considering what it should do about its investment in promissory notes issued by a Native American tribe which intends to build a casino that Genting Malaysia would run.

The company told Bursa Malaysia on Friday that the Mashpee Wampanoag tribe’s casino project  (pictured in an artist’s rendering), in Taunton in the U.S. state of Massachusetts, was “stalled”.

This month, the U.S. government decided that the tribe’s land could not be held in trust, an arrangement that would allow the tribe to reap the economic benefits of the land, such as the income from a casino built on it.

The decision is a consequence of doubt about the legal status of the tribe and the land it occupies.

For the tribe to build a casino on its land will now require the federal congress to pass legislation allowing the land to be held in trust, which the congress is considering.

Genting Malaysia told the stock market: “The group 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.”

The company says its investment in the promissory notes, including interest accrued, was worth US$426.3 million on June 30.

Genting Malaysia says it will make announcements about any further material developments in due course.


  • tweet
Related articles
  • Casino op Genting Malaysia pay cuts March-May: reports
    Casino op Genting Malaysia pay cuts...

    Mar 03, 2021  

  • Genting Malaysia 4Q EBITDA halved sequentially
    Genting Malaysia 4Q EBITDA halved...

    Feb 26, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us