RAV Bahamas Ltd. sues Genting Americas for $600M over Resorts World Bimini, prompting a strong response from Genting Malaysia.
In a statement that was published by multiple media outlets, Genting Malaysia expressed confidence in its position, describing the allegations as “baseless” and “totally without merit.”
“Genting Americas is of the view that the complaint is baseless and totally without merit and will vigorously defend against the complaint,” Genting Malaysia said about the lawsuit which was filed on October 7, 2024.
The lawsuit was filed by RAV Bahamas Ltd., which holds a 22-percent stake in BB Entertainment Ltd., the company responsible for operating Resorts World Bimini. Genting Malaysia indirectly controls a significant 78-percent interest in BB Entertainment, giving it a dominant role in the management and operations of the resort.
RAV Bahamas alleges that Genting Americas has misused its majority position to disadvantage minority stakeholders, particularly in financial dealings related to the casino resort.
One significant claim involves the purported transfer of hundreds of millions of dollars in liabilities from Genting’s other operations onto Resorts World Bimini’s financial statements. This allegation suggests that Genting Americas may have shifted burdensome debts from other ventures, affecting the financial health and operational integrity of the Bimini resort.
The lawsuit adds to the complex landscape of international business operations and investment in the gaming sector, particularly in the Caribbean. Resorts World Bimini has positioned itself as a key player in the region’s tourism and entertainment industry, attracting visitors from around the world. However, allegations such as those made by RAV Bahamas could have far-reaching implications for investor relations and the resort’s reputation.
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