Genting Malaysia Berhad considering next Movement in Massachusetts

Asian casino operator, Genting Malaysia Berhad, has reportedly announced that it’s ‘currently deliberating the appropriate plan of action’ regarding the roughly $426.3 million it’s owed by Massachusetts’ Mashpee Wampanoag Tribe.

Debt tied into promissory notes:

According to a Monday report by GGRAsia, the money represents the principle and accrued interest connected to the roughly $250 million in promissory notes that the Kuala Lumpur-listed company gave the Mashpee Wampanoag Tribe in March of 2016 after inking a management deal that could have seen it operate the warrior ’s planned First Light Resort and Casino.

Taunton casino plan runs afoul of local opposition:

The Mashpee Wampanoag Tribe, which gained national recognition in 2007 following a 32-year battle, had originally hoped to start its First Light Resort and Casino close to the small Massachusetts town of Taunton in the summertime of 2017 finish with a few 1,900 slots and 60 gaming tables. However, the project soon ran into problems after a group of local residents initiated a legal action contrary to the 2015 land-into-trust conclusion that’d awarded the tribe a 320-acre reservation that was to be exempt from local gaming laws.

Federal government reverse original grant:

Project stays ‘postponed ’:

In its Friday filing, Genting Malaysia Berhad explained the entire project as ‘stalled’ before explaining the future of this pictured First Light Resort and Casino currently depends upon national legislators passing an under-consideration measure that would grant a reservation into the Mashpee Wampanoag Tribe.

“The group is currently deliberating the appropriate plan of actions by working closely with the [Mashpee Wampanoag] Tribe to review all options available for the category ’s investment in the promissory notes in addition to its recoverability. This includes laws being introduced in the United States Congress which, if passed, may call for the United States Department of the Interior to reaffirm the land in trust for the benefit of this [Mashpee Wampanoag] Tribe. ”