Genting Malaysia continues downtrend on US notes issue

PETALING JAYA: Shares of Genting Malaysia Bhd continued its downtrend, falling 0.71% this morning after the group announced that it is working with a US tribe to recover its investment of RM1.49 billion in an integrated gaming resort in Taunton, Massachusetts, US.
At 11.47am today, the shares lost four sen, trading at RM5.62 with some 1.69 million shares changing hands.
Last year, the group subscribed to the promissory notes issued by the Mashpee Wampanoag Tribe in the US for the gaming resort development. The project has been put on hold pending the resolution of a legal case.
Genting told the stock exchange last Friday that it is supportive of the tribe's endeavour to protect its land base and their associated development rights and will work with the tribe to assess the recoverability of the promissory notes and impact to the group's consolidated earnings and net assets for the financial year ending Dec 31, 2017.