• 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

Tribe leaders in U.S. risk exit on debt to GEN Malaysia: report

Apr 25, 2019 Newsdesk Latest News, Top of the deck, World  


Tribe leaders in U.S. risk exit on debt to GEN Malaysia: report

Moves have been made in the United States to unseat several leaders of the Mashpee Wampanoag tribe over the checked attempt to develop a tribal casino in partnership with international casino investor Genting Malaysia Bhd.

Local media outlet the Cape Code Times in Massachusetts reported that on Wednesday two petitions had been filed to the tribe’s election committee to recall tribal council chairman Cedric Cromwell and vice chairwoman Jessie “Little Doe” Baird, citing the fact that hundreds of millions of U.S. dollars were owed to Genting Malaysia.

In March 2016 the tribe had announced that a unit of Genting Malaysia would run a US$1-billion casino (pictured in an artist’s rendering) the tribe planned to build on land at Taunton, a place located approximately 64.4 kilometres (40 miles) south of Boston, Massachusetts.

Genting Malaysia had said in April that year that it was not putting equity in the scheme, but was instead investing in interest-bearing promissory notes issued by the Mashpee Wampanoag Tribal Gaming Authority.

But in September 2018 the U.S. federal government decided the Mashpee Wampanoag could not hold in trust the land for the proposed casino, an arrangement that would otherwise have allowed the tribe to build the facility and reap the economic benefits.

That same month, Japanese brokerage Nomura said in a note that Genting Malaysia had invested as of that date about US$400 million cumulatively in the tribe’s promissory notes.

The company confirmed to Bursa Malaysia in its 2018 annual results filed in February that it had recorded an impairment loss of MYR1.83 billion (US$440 million) on the group’s investment in the promissory notes issued by the Mashpee Wampanoag Tribe.


  • tweet
Related articles
  • GEN Malaysia may deleverage within 2 years says Fitch
    GEN Malaysia may deleverage within 2...

    Apr 07, 2021  

  • Nascent gaming recovery, challenges remain: Genting boss
    Nascent gaming recovery, challenges...

    Apr 07, 2021  

More news
  • Jeju Lotte casino shut, ready for permit swap to Dream Tower
    Jeju Lotte casino shut, ready for...

    Apr 09, 2021  

  • GEN Sing 2022 EBITDA to be below 2019 levels: Moody’s
    GEN Sing 2022 EBITDA to be below 2019...

    Apr 09, 2021  


Latest News

Jeju Lotte casino shut, ready for permit swap to Dream Tower

Jeju Lotte casino shut, ready for permit swap to Dream Tower

Apr 09, 2021  

Lotte Tour Development Co Ltd has closed its Jeju Lotte Tour Casino on the southern coast of the South Korean holiday island of Jeju, with effect from Friday morning. That was in preparation for...
Read More
GEN Sing 2022 EBITDA to be below 2019 levels: Moody’s

GEN Sing 2022 EBITDA to be below 2019 levels: Moody’s

Apr 09, 2021  

Guangdong urges cross-border bet criminals to surrender

Guangdong urges cross-border bet criminals to surrender

Apr 09, 2021  

Lawrence Ho awarded US$10mln in Melco Resorts shares

Lawrence Ho awarded US$10mln in Melco Resorts shares

Apr 09, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


110,000

Total number of suspects "apprehended" by Chinese police since 2020 as part of its anti- cross-border gambling operations



Most Popular

  • GEN Malaysia may deleverage within 2 years says FitchGEN Malaysia may deleverage within 2 years says Fitch April 7, 2021
  • Macau daily visit volume down 17pct m-o-m for April 2 to 6Macau daily visit volume down 17pct m-o-m for April 2 to 6 April 8, 2021
  • Moody’s expects MGM, Wynn to pursue large IR development Moody’s expects MGM, Wynn to pursue large IR development  April 8, 2021
  • China bans travel for 89, says some had overseas bet linksChina bans travel for 89, says some had overseas bet links April 6, 2021
  • Studio City new water park launches May 22: MelcoStudio City new water park launches May 22: Melco April 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us