{"id":32061,"date":"2017-05-25T07:37:58","date_gmt":"2017-05-25T07:37:58","guid":{"rendered":"http:\/\/www.gaming-awards.com\/NEWS\/?p=32061"},"modified":"2017-05-25T07:37:58","modified_gmt":"2017-05-25T07:37:58","slug":"genting-in-legal-trouble-for-its-1b-casino-project","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/genting-in-legal-trouble-for-its-1b-casino-project\/","title":{"rendered":"Genting in legal trouble for its $1b casino project"},"content":{"rendered":"<p><a href=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-25231\" src=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1-300x199.jpg\" alt=\"genting1\" width=\"300\" height=\"199\" srcset=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1-300x199.jpg 300w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1-250x166.jpg 250w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1-405x269.jpg 405w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1-60x40.jpg 60w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2014\/06\/genting1.jpg 600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><span lang=\"EN-IN\" style=\"line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 12pt;\"><span style=\"color: #000000;\">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 &amp; Casino project in Massachusetts for which Mashpee Wampanoag tribe was to construct. <\/span><\/span><\/p>\n<p><span lang=\"EN-IN\" style=\"line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 12pt;\"><span style=\"color: #000000;\">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.<\/span><\/span><\/p>\n<p><span lang=\"EN-IN\" style=\"line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 12pt;\"><span style=\"color: #000000;\">The opponents of this casino project citied that the court should strike down the government&#8217;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\u2019s 2009 ruling in Carcieri vs. Salazar, which states that the federal <b>government<\/b><\/span><span style=\"color: #000000;\"> can only take the land into trust for tribes which are officially recognised as of June 1, 1934. <\/span><\/span><\/p>\n<p><span lang=\"EN-IN\" style=\"line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 12pt;\"><span style=\"color: #000000;\">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&#8217;s final decision. Now the matter will be decided on June 19, 2017 by the US Department of Interior (DOI).<\/span><\/span><\/p>\n<p><span lang=\"EN-IN\" style=\"line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 12pt;\"><span style=\"color: #000000;\">As per a news report Maybank Investment analyst Yin Shao Yang said in a note, \u201c[Genting] invested US$274 million in MW promissory notes that carry interest rates of 12% and 18% per annum,\u201d \u201cIf 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).\u201d<\/span><\/span><\/p>\n<p><span lang=\"EN-IN\" style=\"line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 12pt;\"><span style=\"color: #000000;\">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.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":25231,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,11,8,7],"tags":[],"class_list":["post-32061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gaming","category-headlines","category-latest","category-macau"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genting in legal trouble for its $1b casino project - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/genting-in-legal-trouble-for-its-1b-casino-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting in legal trouble for its $1b casino project - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"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. 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