Genting Americas Faces Lawsuit Over Alleged Fraud At Bahamas Resort 

News Americas, New York, NY, Mon. Oct. 14, 2024: A civil lawsuit filed in the U.S. District Court for the Southern District of Florida today, Oct. 14th, accuses Genting’s U.S. arm, Genting Americas, of using Resorts World Bimini in the Bahamas as a “financial wasteland” to conceal fraudulent activities.

The lawsuit, filed by RAV Bahamas, alleges the resort has been used to artificially inflate profits and manipulate debt-to-equity ratios across Genting’s U.S. and international projects.

Resorts World Bimini, Bahamas

RAV Bahamas, owned by the Florida-based Capo family, initially purchased over 700 acres on North Bimini in the late 1990s with plans to create a bustling vacation destination. By 2011, they had developed Bimini Bay Resort, featuring villas, marinas, and recreational areas. In 2012, RAV partnered with Genting to expand the resort with a casino, forming a joint venture, BB Entertainment (BBE). RAV transferred 20 acres of land for the project, and Resorts World Bimini officially opened in 2013, boasting a 10,000-square-foot casino and a 305-room hotel.

However, RAV claims they have not received any profits from the venture, alleging that Genting Americas controls the finances and has burdened the company with over $885 million in debt. The lawsuit states that as of December 2022, BBE’s liabilities exceeded those of Genting Malaysia and its 150 subsidiaries combined. RAV accuses Genting of hiding the debt in consolidated statements through vague expense categories and obstructing their efforts to review financial records or conduct an independent audit.

The lawsuit further alleges that Genting’s complex corporate structure, with numerous subsidiaries, is designed to conceal financial improprieties. RAV is seeking $600 million in damages, claiming Genting’s actions have deliberately undermined their investment and ability to profit from the project.