Legal woes raise concerns over GenM's Mashpee notes
Kuala Lumpur
LEGAL challenges to the proposed development of an integrated resort (IR) on the Mashpee Wampanoag Tribe trust land in Massachusetts continue to weigh on the Genting group whose casino unit Genting Malaysia (GenM) invested RM1.5 billion (S$484 million) in promissory notes issued by the tribe to finance the pre-development expenses.
In recent days, investor concerns over delays to the US Mashpee IR project in Taunton and the recovery of GenM's investment have impacted the share price of Genting Bhd which on Monday slipped by a further 1.7 per cent to RM9.03 while its gaming unit GenM dipped 0.9 per cent to RM5.61.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Bank of Singapore takes action against employees for misusing medical benefits
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine