{"id":2674,"date":"2024-10-14T13:46:37","date_gmt":"2024-10-14T13:46:37","guid":{"rendered":"http:\/\/stakery.io\/?p=2674"},"modified":"2024-10-16T14:25:09","modified_gmt":"2024-10-16T14:25:09","slug":"genting-partner-files-600m-lawsuit-alleging-massive-and-co-ordinated-fraud","status":"publish","type":"post","link":"http:\/\/stakery.io\/index.php\/2024\/10\/14\/genting-partner-files-600m-lawsuit-alleging-massive-and-co-ordinated-fraud\/","title":{"rendered":"Genting Partner Files $600m Lawsuit Alleging \u201cMassive and Co-Ordinated Fraud\u201d\u00a0"},"content":{"rendered":"
<\/div>\n

Genting facing lawsuit<\/h2>\n

Malaysian casino giant Genting Bhd is facing a lawsuit from a partner alleging that the company has been dumping vast liabilities onto its Resorts World Bimini (RWB) property in the Bahamas.<\/p>\n

RAV Bahamas, which owns 22% of the RWB operating entity BB entertainment, alleged in a lawsuit filed last Monday that Genting, who owns the remainder of the stake, dumped more than a billion dollars of liabilities onto the Bahamas property in \u201ca massive and co-ordinated fraud.\u201d\u00a0<\/p>\n

The lawsuit, filed in the US District Court for the Southern District of Florida, stated: \u201cTo date, BB Entertainment has not distributed any profits to RAV from this venture because Genting Americas, who controls BB Entertainment\u2019s finances, has used BB Entertainment as its financial wasteland.\u201d <\/p>\n

\n

Genting Americas has used BB Entertainment to conceal a medley of fraudulent activities\u201d<\/p>\n<\/blockquote>\n

\u201cThrough its stranglehold over BB Entertainment and its finances, Genting Americas has used BB Entertainment to conceal a medley of fraudulent activities.\u201d<\/p>\n

Partnership turns sour<\/h2>\n

The RWB property, a 10,000 square-foot casino, also contains 305 hotel rooms, multiple restaurants and lounges, as well as facilities for docking cruise ships.<\/p>\n

The BB Entertainment partnership was initially formed as a 50\/50 venture in 2012 to develop RAV\u2019s Bimini Bay property, with RWB being constructed on land owned by RAV later before Genting took over majority control.<\/p>\n

\u201cThe estimated value of BB Entertainment\u2019s resort is substantially less than the approximately US$900 million in liabilities that remain on BB Entertainment\u2019s financials,\u201d stated the lawsuit.<\/p>\n

\u201cGenting Americas has effectively deprived RAV of the entire value of RAV\u2019s over 20-acre contribution without having ever received any return for that contribution.\u201d<\/p>\n

\n

hundreds of millions of dollars in illegitimate debt\u201d<\/p>\n<\/blockquote>\n

\u201cWhat is clear is that Genting Americas\u2019 fraudulent accounting practices have drowned BB Entertainment in hundreds of millions of dollars in illegitimate debt.\u201d<\/p>\n

RAV is seeking damages of over $600m from Genting, which is valued at around $3.13bn.<\/p>\n

BB losses mounting<\/h2>\n

BB Entertainment\u2019s auditor has also expressed doubts about the future of the partnership, with RWB consistently incurring losses since the partnership began in 2012.<\/p>\n

The group recorded a $151.28m loss for the year ending Dec 31, 2022, a significant increase from 2021, when it recorded losses of $114.2m. The partnership\u2019s liabilities now stand at a total of $885.2m.<\/p>\n

\n

Genting Americas is of the view that the complaint is baseless and totally without merit\u201d<\/p>\n<\/blockquote>\n

Responding to the lawsuit, Genting stated: \u201cGenting Americas is of the view that the complaint is baseless and totally without merit and will vigorously defend against the complaint.\u201d<\/p>\n

The company said it would comment further as the situation developed.<\/p>\n

The post Genting Partner Files $600m Lawsuit Alleging \u201cMassive and Co-Ordinated Fraud\u201d\u00a0<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting facing lawsuit Malaysian casino giant Genting Bhd is facing a lawsuit from a partner alleging that the company has been dumping vast liabilities onto its Resorts World Bimini (RWB) property in the Bahamas. RAV Bahamas, which owns 22% of the RWB operating entity BB entertainment, alleged in a lawsuit filed last Monday that Genting,…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[],"_links":{"self":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2674"}],"collection":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/comments?post=2674"}],"version-history":[{"count":1,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2674\/revisions"}],"predecessor-version":[{"id":2675,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2674\/revisions\/2675"}],"wp:attachment":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/media?parent=2674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/categories?post=2674"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/tags?post=2674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}