Malaysia

Genting Berhad saw its net profit rise 59.9 percent year-on-year to RM 577.21 million (US$129.9 million) in 16Q3, mainly due to lower net fair value loss on derivative financial instruments and lower impairment losses.

Malaysia’s only casino operator is getting set to roll out new attractions in a major revamp of its flagship property in the Genting Highlands, however, the group’s chairman is warning that it won’t include more room on the casino floor. 

The Malaysian government will not be legalizing sports betting despite claims that the country has become the ‘new center for match-fixing in Asia’.

Malaysia has overtaken Singapore as the new center for match-fixing in Asia following a crackdown in the city-state, according to FIFA's former security chief.

Genting Malaysia’s RM10 billion ($2.4 billion) expansion of its highlands resort will not include any increase of its net casino area, said chairman and chief executive Tan Sri Lim Kok Thay.

Malaysian authorities have noted that there are no plans to legalize online gambling, saying that the people have enough means to gamble as it is.

Penang Chief Minister Lim Guan Eng has criticized the Penang Front Party (PFP) for vowing to establish a casino in the state.

Genting Malaysia said it has sold its 16.87 percent stake in its sister company Genting Hong Kong for about $415 million.

Genting Malaysia beat expectations with its Q2 results, prompting renewed optimism in the investment community over the group’s prospects and expansion plans.

Since entering the US market in 2011 with the launch of Resorts World New York City, Genting Group has made a number of major investments in the country, indicative of an operator intent on becoming a major player in the market.

 

Since entering the US market in 2011 with the launch of Resorts World New York City, Genting Group has made a number of major investments in the country, indicative of an operator intent on becoming a major player in the market. These projects add up to a serious statement of intent in the U.S. from Genting Malaysia Berhad, the subsidiary which runs the Group’s U.S. casino business, even if a number of question marks remain over the particulars of its various interests.

 

 



This content is for members only. To continue reading

Join Now

Pages