Malaysia

Genting Bhd, the operator of Malaysia’s only casino, is unlikely to lose its monopoly despite ambitions by tycoon Vincent Tan to apply for a license for the Berjaya Hills Resort in Pahang, analysts have said

Genting Bhd, Malaysia’s only casino operator, is likely to see a drop in visitor numbers this year as the company spends RM5 billion ($1.6 billion) to revamp its 49-year-old Resorts World Genting.

Genting Bhd, Malaysia’s only casino operator, is likely to see a drop in visitor numbers this year as the company spends RM5 billion ($1.6 billion) to revamp its 49-year-old Resorts World Genting.

 



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Malaysian lottery firms have reportedly been forced to stop taking bets on numbers related to the Malaysian Airlines plane that was shot down over the Ukraine after the tickets were sold out, according to reports.
Punters had been betting on the combination of 1717 and 777 since Friday. Flight MH17, a Boeing 777, was downed on July 17 over Ukraine.
According to the report, Asian gamblers believe numbers associated with bad luck, such as car numbers at an accident site, will later bring good luck.

Malaysian property developer, Tan Sri Low Yow Chuan, has claimed he has the right of first refusal should Malaysia decide to allow a second gambling license in the country. Currently, Genting Bhd has the casino monopoly for its Resorts World Genting property. According to The Star newspaper, the license was granted in 1970 by Malaysia’s first Prime Minister Tunku Abdul Rahman to the 81-year-old patriarch of the Low Yat group and reaffirmed in 1993. The license was allegedly granted in return for building a 100 million ringgit resort ($322.5 million) on Langkawi island.

Malaysian gaming conglomerate Genting said it has sold a 51 percent stake in Fujian Pacific Electric Co to Chinese government-owned SDIC Power Holdings Co Ltd for RMB 694 million ($112 million).
Fujian Pacific owns and operates the 724 MegaWatt coal fired Meizhou Wan power plant in Putian, Fujian Province.
Genting said the disposal is not expected to have any material impact on its earnings or net assets for the financial year ending Dec 31, 2014.

Malaysia’s Genting has put in two applications for casinos in New York State, with planned investments of $2.5 billion, according to filings with the New York State Gaming Commission.

Malaysian Home Minister Datuk Seri Dr Ahmad Zahid Hamidi has called for a coordinated effort to combat illegal gambling, saying efforts by the police alone will not be enough.
Efforts from local authorities, government and private agencies and the community, were needed to enforce the law, news agency Bernama cited him as saying.
"Their assistance is most necessary, such as disconnecting telephone lines, water supply, electricity supply and Internet facility, at the gambling premises."

Greece’s Intralot said Malaysia’s Magnum Corp has extended a lottery services contract for a further seven years, with the option to extend for a further two.
The agreement concerns the procurement, installation and support of an advanced, integrated lottery system to support up to 2,450 gaming terminals, Intralot’s core operating system and an On-line Gaming Computer System.

Malaysia has joined authorities in other Asian countries in clamping down hard on illegal gambling related to the World Cup and has arrested a total of 194 since the tournament began, according to reports.
Police have broken up a group drawing daily wagers of 7.5 million ringgit ($2.3 million). The total amount waged was about RM105 million. About 12 servers, believed to be supporting a gambling website with networks in the Asia-Pacific region, were seized in the raids in the capital Kuala Lumpur.

Malaysian authorities are unlikely to grant a second casino license to tycoon Vincent Tan for the Berjaya Hills Resort in Pahang, the Daily Star cited an analyst as saying.
Genting Bhd has the monopoly on casinos in the country with its Genting Resorts World in the Genting Highlands.
The unnamed gaming analyst said the authorities in Putrajaya are likely to face considerable pressure and are likely to bow, adding it wouldn’t be the first time it has happened.
Tan originally applied for a license for the resort more than 10 years ago and was rejected.

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