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Biden may be positive for Genting tribal investment: Maybank


The pro-native American stance of incoming U.S. President Joe Biden may be positive for Genting Malaysia’s investment in a Mashpee Wampanoag casino project, Maybank wrote in a research note.

If their reservation land continues to be held in trust by the U.S. Department of Interior and they are allowed to resume construction of First Light Resort & Casino, we gather GENM may write back the promissory notes it impaired in 2018, the firm said.

If this happens, Maybank said it would lift its sum-of-the-parts based target price by 12 percent and its forecast for 2022 earnings per share by 17 percent.

Genting took an impairment charge of MYR1.8 billion related to its investment in promissory notes by the tribe. Genting had been appointed to run the casino for seven years for 30 percent of EBIT.


AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.


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