Genting looks to recover $347.4 mln notes from US tribe

Genting Malaysia is working to recover its US$347.4 million investment in the Mashpee Wampanoag Tribe-owned casino in Massachusetts, which has been put on ice as a result of reservation land issues.

The investment was in the form of a subscription to interest-bearing promissory notes issued by the Mashpee Wampanoag Tribe to fund pre-development expenses of the resort.

Genting in its latest filing said it will work with the tribe to review all options available for its investment in the promissory notes, and assess its recoverability and impact to its consolidated earnings and net assets for the financial year ending Dec 31, 2017.

"The group is supportive of the tribe’s endeavour to protect its land base and their associated development rights," it added.

Genting previously said that the recoverability of the notes is dependent on the resolution of the legal case.

Land reservation issues were first brought to light last year in February when a group of local Taunton residents took legal action against the DOI for issuing a record of decision (ROD) to hold the tribe's reservation lands in trust.

The tribe appealed the case to the US Court of Appeals where it remains pending today.