Genting may see $274 mln loss on tribal casino

Genting Malaysia Bhd may be forced to write off its $274 million investment in its US tribal casino should the US Department of Interior (DOI) decide that construction of the casino cannot proceed, local media reports.

Genting’s venture in the Mashpee Wampanoag tribe’s First Light Resort & Casino (FLRC) started in April 2016. Its investment included an expectation that it would manage the tribal casino for a period of seven years.

However, the construction of the Massachusetts-based casino was suspended last year due to reservation land issues.

It is understood that a definite decision on this issue will be made by June 19, 2017.