Genting is on the verge of losing US$274 million if the US Department of Interior (DOI) stops the construction of its Massachusetts casino as reported by a Malaysian-based financial analyst. Till now things were taking shape and suddenly everything took a different turn altogether and now the entire project looks in doldrums. As per reports of The Star Online Genting Malaysia now risks writing off its multi-million dollar investment in the First Light Resort & Casino project in Massachusetts for which Mashpee Wampanoag tribe was to construct.
First Light Casino came into trouble in April last year months after a group of local residents filed a suit to stop this project. This US$1 billion casino project was opposed by the local residents accusing that the federal government misinterpreted the federal Indian Law in order to grant 300 acres of casino land to the Mashpee Wampanoag tribe for construction of the casino.
The opponents of this casino project citied that the court should strike down the government’s decision since it was done with an ungrammatical reading of the law. Lawyers of the casino opponents cited the example of U.S. Supreme Court’s 2009 ruling in Carcieri vs. Salazar, which states that the federal government can only take the land into trust for tribes which are officially recognised as of June 1, 1934.
With this case being argued in the court of law the Malaysian based casino operator has already stopped the construction at the casino resort and is awaiting government’s final decision. Now the matter will be decided on June 19, 2017 by the US Department of Interior (DOI).
As per a news report Maybank Investment analyst Yin Shao Yang said in a note, “[Genting] invested US$274 million in MW promissory notes that carry interest rates of 12% and 18% per annum,” “If the new record-of-decisions (ROD) is unfavourable, we gather that GenM may write off the investment and forego net interest income of RM105 million (US$24.45 million).”
The investment bank believes that the Mashpee Wampanoag will emerge as a winner in this issue because of a legal precedent set by the Cowlitz tribe ruling.
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