Genting Malaysia says it is looking at its options regarding a US$426 million investment after the US Department of Interior (DOI) last week ruled that Mashpee Wampanoag Tribe could not develop a planned integrated resort in Massachusetts.
According to the DOI, the Tribe does not satisfy the necessary conditions under the Indian Reorganisation Act to allow it have the land in question in trust for an IR development.
Genting Malaysia had previously purchased promissory notes to the value of US$426.3 million issued by the Tribe.
In an announcement, the company said it 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 US Congress which, if passed, will entail the DOI to reaffirm the land in trust for the benefit of the Tribe.”
Genting Malaysia said it will make further announcements as information becomes available.
