Genting shares skid on news of legal tussle over Las Vegas casino project


PETALING JAYA: Shares of Genting Bhd and Genting Malaysia Bhd slid today as the project it is embarking on in Las Vegas has been embroiled in a legal tussle.

Genting fell 21 sen or 3.37% to close at RM6.02 with 3.3 million shares done, while Genting Malaysia declined 8 sen or 2.64% to RM2.95 with 18.41 million shares done.

Wynn Resorts Holdings, which owns the Wynn and Encore resorts in Las Vegas, Nevada in the US, has filled a US$4 billion (RM16.7 billion) lawsuit against Resorts World Las Vegas (RWLV). RWLV is accused of copying Wynn’s building design for the casino that it is building just across the road.

The federal trademark infringement lawsuit filed on Dec 21 claimed that RWLV wants to mislead the public into believing its new 3,000-room project is affiliated with Wynn.

The filing included photos of bronze glass and horizontal design elements on the curved facade of the Resorts World property. Wynn said it looks like the copyrighted design of Wynn properties in “Sin City” and the gambling enclave in Macau.

Genting told Bursa Malaysia that RWLV is in the process of reviewing the complaint with its legal counsel and will strenuously defend the claim and take all necessary legal action, as appropriate.

“RWLV intends to file a timely response to the complaint on or before January 14, 2019, the due date for such response. The company will make the necessary announcements as and when required on any material development in the matter.

To recap, Genting Group said last year that the proposed Resorts World Las Vegas is aiming to open in 2020.

The latest development comes a little over a month after Genting Malaysia filed legal proceedings in the US against FOX, Twenty-First Century Fox Inc and The Walt Disney Company in response to a notice issued by FOX to terminate its partnership with Genting.

Last week, Genting Malaysia said the outdoor theme park remains a part of its growth plans, but it clarified that the opening date is dependent on the options pursued by the company. This is in contrary to media reports that the outdoor theme park is scheduled to open early next month.



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