The Mashpee Wampanoag Tribe's Piggy Bank, Genting was invited into the Commonwealth with no oversight or scrutiny by blinded lawmakers, political hacks and Governor Slot Barns.
No one questions, challenges or considers. Even labor unions blindly follow. Below are several articles and little time will be wasted posting them in their entirety.
Anyone who vaguely accepts the notion that Predatory Gambling can 're-make' itself needs to be questioned.
CIMB Research:
Genting's Las Vegas investment a negative surprise
The Star Online
KUALA LUMPUR: CIMB Equities Research said
Genting Bhd's decision to invest in the abandoned Echelon Resort project
in Las Vegas is a negative surprise and a risky move into a highly competitive
market. However, the research house said on Tuesday it
...
KUALA LUMPUR:
CIMB Equities Research said
Genting Bhd's decision to invest in the abandoned Echelon Resort project in Las Vegas is a negative surprise and a risky move into a highly competitive market.
However, the research house said on Tuesday it remains positive on Genting as a value play despite Genting's move to pay US$350mil to take over the project on the Las Vegas Strip.
"We assume that the revived project is NPV neutral at this stage, and maintain our RNAV-based target price. We trim our FY14/15 EPS forecasts by 0.1 to 0.3 percentage points on the cash needed for the project's equity," it said.
"Outperform maintained. Key catalysts are internal restructuring possibilities within the group," it added.
To recap, Genting is paying US$350m to take over the project and an independent valuation of the project at its current uncompleted state is US$703mil, including the value of the 87-acre freehold land at US$349mil.
The Echelon was supposed to be a US$4bil multi-use Integrated Resort project, the research house believes Genting will be scaling it down to a US$2bil 3,500-room integrated resorts that will be rebranded as Resorts World Las Vegas (RWLV), to be completed in 2015.
CIMB Research said there will be an option to scale up the investment further with partners at a later point.
"While we were hoping that Genting would broaden its gaming exposure following the sale of its Malaysian power assets for RM2.3bil, RWLV creates a confusing and disjointed corporate structure because the project should be under
Genting Malaysia since the US and UK markets were believed to be within Genting Malaysia's jurisdiction.
"Genting Malaysia also has a stronger financial ability to absorb the project. Although Genting has RM2.3bil in cash at the holding company level, it only has RM500mil of operating cashflow a year to meet its equity commitments in its Indonesian power and O&G investments.
"We estimate that Genting will need to inject another RM633mil in equity per annum over the next three years into RWLV. Entering the highly competitive Las Vegas market is also in stark contrast to the group's monopolistic track record," said CIMB Research.
New Genting megaresort expected to be big
boost for the Strip
VEGAS INC
“I think we've turned conditional wisdom on its
head today when you see the type of investment we have here with this
Genting group,” Gov. Brian Sandoval told VEGAS INC. “I think people will
see that this is a part of the evolution of Las Vegas. It's a
...
Genting Group bets on Vegas
revival
Cherry Hill Courier Post
A Malaysian conglomerate said
Monday, March 4, 2013, it will break ground next year on a project that could
breathe new economic life into a tired stretch of the Las Vegas Strip where work
has stalled during the recession. The
Genting Group said it
...
Malaysia's Genting buys Las Vegas Strip
property
GlobalPost
Malaysian gaming giant
Genting Group on
Monday bought a piece of the Las Vegas Strip from Boyd Gaming Group for $350
million in cash, its first foray into the US gambling capital.
Genting
will build a hotel-casino complex on the 87-acre (35-hectare)
...
Genting goes all-in - plus some pandas - for
Asian-themed Las Vegas resort
Las
Vegas Review - Journal
The hour-long news conference included two videos;
a presentation on
Genting's massive worldwide holdings; and Steelman's
conceptual treatment of Resorts World Las Vegas, an Asian-themed development
with seven hotel towers surrounding an 8 million
...
Genting Connected to Islamic Extremists?
Genting is the current Gambling Investor
supporting the Mashpee Wampanoag lifestyle.
Genting Connected to Islamic
Extremists?
The money rush is on. A shady,
but well-heeled Asian casino gambling giant swoops into town, buys an outdated
office facility and valuable underlying real estate from the Miami Herald and
launches a multi-million dollar campaign to approve non-Indian casino gambling
in Florida and put a license on the former Miami Herald tract.
Kuala
Lumpur-based Genting has multinational operations in tourism, resorts, gambling,
plantations, power generation, and oil and gas. Genting’s market capitalization
value, or net worth, reached $46 billion at the end of last year — making it one
of Malaysia’s largest companies.
The Miami Herald suspends their normally
skeptical eye, conducts no due-diligence on their new Chinese friends from
Malaysia and their newspaper becomes a public relations machine for a client
they don’t even really know.
Every glad-handing semi-corrupt politician
in Miami-Dade and the City of Miami with their hand out will be jumping on the
Genting gravy train. Genting is a target for every con-man lobbyist/political
consultant/PR man which Miami-Dade County abounds with.
Recently a group
of “Community Leaders” were flown to South East Asia including visits to Genting
casinos in Malaysia and Singapore. Genting refuses to disclose the names of
“Community Leaders” – including elected officials – who were flown to South East
Asia in a private luxury jet and wined and dined at 5-Star resorts reserved for
high-rollers in the Asian gaming world.
World Resorts Genting, also known
as Genting Highlands, opened in 1965 and is the company’s flagship resort in
Malaysia. The resort features Malaysia’s only land-based casino, six hotels,
three theme parks, a convention center, and numerous restaurants and nightclubs,
among other attractions.
Resorts World Sentosa, which opened last year in
Singapore, features one of the world’s most expensive casinos, six hotels, a
Universal Studios theme park and a Marine Life Park, among other features. The
Florida Delegation visited both, reportedly racking up more than $790,000 worth
of hotel, restaurant, spa and entertainment costs in both 5-Star
resorts.
Genting has retained a team of slick lobbyists including
Jonathan Kilman, with the law firm of Foley & Lardner. Kilman’s partner,
Chris Kise, is under investigation for erasing email records generated during
Governor Rick Scott’s Inauguration. The missing emails are thought to contain
correspondence exposing the business dealings of Kise and Scott’s political
adviser Enu Mainigi. Scott has ordered the FDLE review. Kise insists the emails
were erased accidently. Foley and Lardner’s influence in the Governor’s office
is not likely to be strong in 2012.
Before it’s over, expect
that Genting, their lobbyists, and other retainers, will lavish the Republican
Party of Florida and other selected party redistricting vehicles with millions
of dollars. They’ll even buy Governor Rick Scott a golden toilet seat for the
Governors mansion is he wants!
Genting, the Asian casino giant, does not
hold a casino gaming license in any U.S. jurisdiction that has serious
regulation. New York State requires relatively little scrutiny in the contract
Genting has with the State of New York to operate slot machines at Aqueduct
Racetrack.
Genting made millions of dollars as the money-men behind two
controversial Indian Casino gaming developments in the Eastern United States. In
both cases, Genting operations were directed by G. Michael Brown, a former New
Jersey Attorney General who was later charged with embezzlement and cocaine use
in the Seneca Tribal Court.
Brown was charged with putting various
mistresses on the casino payroll and using casino funds to pay for luxury
condominiums, imported sports cars and expensive jewelry for them. Brown
famously drove a 4-door sedan owned by the Seneca Tribe through the picture
window of a Niagara Falls resident while driving drunk.
Genting was the financier of the Seneca Niagara Casino
Hotel in Niagara Falls, New York. Genting charged the tribe an exorbitant 28
percent interest rate, potentially in violation of the Indian Gaming Regulations
under the Bureau of Indian Affairs. Genting also stayed in the deal for almost
15 years when they were legally limited to five. Seneca Tribal Council members
have testified that armed Chinese thugs showed up to collect Genting’s money
when tribal lawyers pointed out that Genting was violating the
law.
All of this became known to the U.S. Senate Select
Committee on Indian Affairs, which held hearings and launched an investigation
into corruption in the Indian gaming industry in the United States. But what the
Senate Committee found out about Genting was even more disturbing: an apparent
pattern of multi-million dollar payments to Islamic extremist organizations in
Malaysia who most definitely are not friends of the United States of
America.
U.S. Senate Special Committee records regarding Genting and
their financing of multiple Islamic-based organizations in Malaysia are
classified. Some U.S. Senator needs to launch an investigation to determine
whether Genting has relationships that would make their holding a casino license
in Miami (a money machine) inappropriate. U.S. Senate staff investigators should
get a firm understanding of Genting’s questionable relationships in Malaysia and
China.
Genting executives told Senate investigators at the time that the
millions of dollars funneled to various Islamic extremist organizations known to
finance jihad were made under direst and viewed as a cost of doing business for
a Chinese businessman in heavily Islam-run Malaysia. Investigators had reason to
be skeptical when photos of K.T. Lim and North Korean dictator Kim Jong-il
surfaced. The Senate investigators also obtained photos of Lim socializing with
at least two Islamic figures wanted by the United States for terrorist
activities.
Senate investigators were also interested in K.T. Lim’s
relationship with Stanley Ho, the Asian casino magnate who has been identified
as a member of the Chinese Triad, the Chinese crime organization, by the U.S.
Justice Department and by the Royal Canadian Mounted Police. Ho has been denied
a casino license in every jurisdiction except in Macau and North Korea. Genting
has refused to address their business dealings with Ho and his company Shun Tak
Holdings Ltd.
While the Miami Herald is telling us that Genting boss K.T.
Lim is a brilliant businessman, he could be one of the largest funders of
Islamic terrorist activity in Asia. Instead of giving press conferences to the
Miami Herald, perhaps K.T. should be interrogated under subpoena by U.S. Senate
lawyers.
The Miami-Dade politicians who suck up Genting’s food, drink and
accommodations and support Genting’s development will jump off of them like rats
when they learn where a substantial portion of Genting’s profits in Florida may
be going. Just because Genting has a lot of money doesn’t mean that they are
suitable to operate casinos in the United States based on their associations and
business practices.
Neither Governor Rick Scott, nor Senate President
Mike Haridopolos will agree to casino gaming without a local county referendum.
Perhaps Miami’s Cuban voters should decide whether they want to approve a casino
for a foreign company who could be financing Al-Qaeda and the
Taliban.
Nothing short of full disclosure of all the finances and
holdings of Genting should be required under Florida casino regulation. If they
deny ties to radical Islam only full disclosure will verify this claim, a
protection the public requires.
New Jersey Casino Control law is
considered the toughest in the country and is the model for casino regulation in
the rest of the country. Nevada’s regulations are similar, but the process in
that small state is “more political.” Florida’s casino regulation must not and
cannot be lax. We need to know far, far more about Genting and their friends
before they get a casino license in Florida.
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