• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 10 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Genting sued by partner in Bahamas casino Resorts World Bimini for alleged “massive and co-ordinated fraud”

Ben Blaschke by Ben Blaschke
Sun 13 Oct 2024 at 16:57
Genting sued by partner in Bahamas casino Resorts World Bimini for alleged “massive and co-ordinated fraud”

Resorts World Bimini

122
SHARES
3k
VIEWS
Print Friendly, PDF & Email

The US subsidiary of Malaysian gaming giant Genting Bhd is being sued for more than US$600 million by a key partner over allegations it has been dumping group liabilities onto its Resorts World Bimini (RWB) property in the Bahamas.

RAV Bahamas, which owns 22% of RWB operating entity BB Entertainment, filed a lawsuit with the US District Court for the Southern District of Florida last Monday alleging Genting – owner of a majority 78% – has turned the IR into a “financial wasteland” by dumping onto it almost a billion dollars in debt, according to local media outlet The Tribune.

The lawsuit describes Genting’s alleged actions as “a massive and co-ordinated fraud” that has left assets contributed to RWB by RAV Bahamas as “essentially worthless”. It also accuses Genting of “depriving” the joint venture of profits and says the Malaysian firm “has deliberately kneecapped” its efforts to dig deeper by denying full access to the books.

The Tribune notes that the historical financial records of BB Entertainment include a US$151.3 million loss in 2022, a US$114.2 million loss in 2021 and US$105.6 million loss in 2020.

By end-2022 the operating entity had accrued liabilities of US$885.2 million, the majority of which is described as borrowings from BB Investment Holdings, the entity through which Genting holds its majority interest and which is interest bearing.

“To date, BB Entertainment has not distributed any profits to RAV from this venture because Genting Americas, who controls BB Entertainment’s finances, has used BB Entertainment as its financial wasteland,” the lawsuit states.

“Through its stranglehold over BB Entertainment and its finances, Genting Americas has used BB Entertainment to conceal a medley of fraudulent activities.”

Claiming that it has been forced to absorb costs and expenses “illegitimately shifted” to BB Entertainment’s accounts, RAV adds in the lawsuit, “What is clear is that Genting Americas’ fraudulent accounting practices have drowned BB Entertainment in hundreds of millions of dollars in illegitimate debt.

“Only a massive and coordinated fraud could dump nearly a billion dollars of debt on a small island resort where RAV had already developed most of the significant infrastructure. Genting Americas buried the nearly-billion-dollar liabilities in consolidated statements using vague categories of expenses to conceal the fraud from RAV.

“Genting Americas, at every turn, has deliberately kneecapped RAV’s efforts to obtain clarity into the financials, including denying RAV full access to BB Entertainment’s financial records and denying its requests for an independent audit.

“This lawsuit seeks the damages that Genting Americas’ continuing fraud has caused, which include but are certainly not limited to rendering RAV’s contribution to BB Entertainment – the 20 acres of land – entirely worthless.”

BB Entertainment was formed as a 50/50 joint venture in 2012 to further develop RAV’s existing Bimini Bay, with RAV contributing the 20 acres of land upon which RWB now sits before Genting assumed majority control in 2015. RWB comprises a 10,000 square-foot casino, 305 hotel rooms, restaurants, lounges and a jetty to dock cruise ships.

According to the report, RAV’s lawsuit also accused Genting of trying to sell the property without addressing alleged misallocations in BB Entertainment’s financial records.

“Because the estimated value of BB Entertainment’s resort is substantially less than the approximately US$900 million in liabilities that remain on BB Entertainment’s financials, Genting Americas has effectively deprived RAV of the entire value of RAV’s over 20-acre contribution without having ever received any return for that contribution,” it said.

RelatedPosts

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

Wed 9 Apr 2025 at 05:59
RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

Wed 9 Apr 2025 at 05:35
AGEM Index falls by 7.4% in December on Aristocrat, Light & Wonder stock price declines

AGEM Index down 9.3% in March as all 12 member firms suffer stock price declines

Fri 4 Apr 2025 at 02:46
After Donald Trump’s tariff barrage, US considering whether to eliminate tariff exemption for small parcels from Macau

After Donald Trump’s tariff barrage, US considering whether to eliminate tariff exemption for small parcels from Macau

Thu 3 Apr 2025 at 13:02
Load More
Tags: BahamasBB EntertainmentfraudGenting AmericasGenting GroupLawsuitNorth AmericaRAV BahamasResorts World Bimini
Share49Share9
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English