U.S. Court sides with Genting in $600 million fraud complaint linked to Bahamas Casino

A U.S. federal court has dismissed a $600 million complaint brought against Genting Americas Inc. by RAV Bahamas Ltd. over alleged financial misconduct tied to the Resorts World Bimini property in the Bahamas. The decision, issued by the U.S. District Court for the Southern District of Florida on July 1, grants a motion by Genting to throw out the case in its current form, but gives RAV Bahamas a final opportunity to amend its claims.

RAV Bahamas, which owns a 22 percent stake in Resorts World Bimini, accused Genting, through its 78 percent ownership, of orchestrating fraud by shifting liabilities from other projects onto Bimini’s books and restricting access to the resort’s financial records. The company sought roughly $600 million in damages, alleging it was deprived of its rightful share of profits through what it described as “a massive and coordinated fraud.”

Genting, which holds its interest in the property indirectly via BB Entertainment Ltd, maintained that the dispute amounts to a shareholder disagreement and that the allegations are without basis. In a filing with Bursa Malaysia following the ruling, the company stated that “the complaint is merely a stakeholders’ dispute, and that RAV’s current allegations are baseless and without merit.”

Financial reports cited in The Bahamas Tribune showed Resorts World Bimini carrying liabilities of approximately $885 million by the close of 2022, compared to assets of about $191.5 million, including $165.2 million linked to the property’s real estate value. The resort complex features a casino, hotel, marina, and ferry terminal, and mainly serves visitors from Florida.

While the court’s decision dismisses the existing complaint, it stops short of closing the matter entirely. The judge gave RAV Bahamas one last chance to revise and refile its case before a final determination is made on whether the lawsuit should be permanently thrown out.

Genting indicated it would continue to defend its position vigorously if the case proceeds. It also said it would provide further disclosures should there be significant developments in the legal process.