Genting Malaysia’s subsidiary has filed a motion to dismiss a lawsuit.
Malaysia.- Genting Malaysia‘s subsidiary Genting Americas (GAI) has filed a motion to dismiss a complaint filed by RAV Bahamas over the Resorts World (RW) Bimini casino complex in the Caribbean. The suit was filed at the United States District Court, Southern District of Florida.
In a filing sent to the Bursa Malaysia, the company said: “The Amended Complaint repeats the previous allegations and does not introduce any new material factual elements. GAI maintains its position that the Amended Complaint is baseless and without merit and will continue to vigorously defend against these claims.”
In July, the US court dismissed a lawsuit from RAV Bahamas that sought $600m in damages, but it allowed RAV to submit an amended complaint. RAV Bahamas has a 22 per cent stake in BB Entertainment, the operating entity of Resorts World (RW) Bimini. Genting Malaysia indirectly holds a 78 per cent interest. RAV alleges fraud by Genting, claiming that it used its majority ownership to conceal liabilities incurred at other properties and placed on the resort’s books.
Genting Malaysia’s EBITDA margin to remain “compressed” until 2027, Fitch says
Fitch Ratings has reported that it expects the earnings before interest, taxation, depreciation, and amortisation (EBITDA) margin at Genting Malaysia to “remain compressed at 23 per cent from 2025 to 2027”. It cited “higher operating costs and payroll-related expenses” in UK and US operations.
It noted labour union contract renewals in the US from the second half of 2024, and higher minimum wage levels and contributions to national insurance in the UK. It said increased business volumes should mitigate the impact of higher operating costs and support margins.
It sees strengthening of the Malaysian ringgit and softness in VIP gaming volumes as risks for the rest of 2025, although VIP volumes in the second quarter of 2025 were up 14 per cent year-on-year.
Genting Malaysia’s subsidiary has filed a motion to dismiss a lawsuit. Malaysia.- Genting Malaysia‘s subsidiary Genting Americas (GAI) has filed a motion to dismiss a complaint filed by RAV Bahamas over the Resorts World (RW)…
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