US casino appoints Genting Malaysia as manager

PETALING JAYA: Genting Malaysia Bhd has been appointed as the manager of the First Light Resort & Casino in US for an expected period of seven years.
In a filing with Bursa Malaysia, the group said the First Light Resort & Casino, an Indian destination gaming resort, is to be constructed by the Mashpee Wampanoag Tribe in Taunton, Massachusetts and the appointment is pending approval from the National Indian Gaming Commission.
Genting Malaysia has to-date invested US$249.5 million (RM974.5 million) in interest bearing promissory notes issued by the Mashpee Wampanoag Tribal Gaming Authority for the initial development phase of the project.
Although Genting Malaysia does not have any equity interest in the project or the Tribe, which is sovereign, the investment in notes allows it to enhance the returns expected from its involvement in the project.
“Genting Malaysia’s foray into the gaming industry in Massachusetts is expected to complement and further establish the group’s growing presence in the US, where it already has operations and developments in the states of New York and Florida,” it explained.
The 900-room resort casino will be opened in phases and once fully completed, it will feature three hotels and a 150,000-square feet casino consisting of 3,000 slots, 150 gaming tables and 40 poker tables.