OTHERS GENTING MALAYSIA BERHAD ("GENM" or "the Group") UPDATE ON THE PARTICIPATION AS THE MANAGER TO THE OPERATION OF AN INTEGRATED GAMING FACILITY AND RESORT IN TAUNTON, MASSACHUSETTS
|GENTING MALAYSIA BERHAD|
GENTING MALAYSIA BERHAD ("GENM" or "the Group") UPDATE ON THE PARTICIPATION AS THE MANAGER TO THE OPERATION OF AN INTEGRATED GAMING FACILITY AND RESORT IN TAUNTON, MASSACHUSETTS
The Board of Directors of GENM refers to the announcement dated 7 July 2017 and press release dated 27 February 2018 in relation to GENM’s investment in the promissory notes issued by the Mashpee Wampanoag Tribe (“Tribe”) to finance the Tribe’s development of an integrated gaming resort in Taunton, Massachusetts, United States of America (“U.S.”). The development of the project was stalled pending further court developments and/or actions by relevant governmental authorities.
On 7 September 2018, the U.S. Federal Government (i.e. U.S. Department of Interior (“DOI”)) issued a decision concluding that the Tribe did not satisfy the conditions under the Indian Reorganisation Act that allow the Tribe to have the land in trust for an integrated gaming resort development.
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 which, if passed, will entail the DOI to reaffirm the land in trust for the benefit of the Tribe.
The Group’s total investment (including accrued interest) in the promissory notes as at 30 June 2018 amounted to USD426.3 million (or the equivalent of approximately RM1.77 billion).
GENM will make the necessary announcement on further material development of the above matter in due course.
This announcement is dated 14 September 2018.
*Unless otherwise stated, the exchange rate of US$1.00:RM4.1465, being Bank Negara Malaysia’s middle rate as at 5.00 p.m on 13 September 2018, is used throughout this announcement for purposes of translation of USD into RM.
|Company Name||GENTING MALAYSIA BERHAD|
|Date Announced||14 Sep 2018|
|Category||General Announcement for PLC|