Malaysia

Genting Alderney, the online casino division of Genting Group, has launched a TV campaign as part of a multi-million pound marketing drive.

Genting Malaysia is buying the group’s U.K. online gambling business for GBP7.2 million ($10.9 million) as part of an ongoing effort to streamline the group structure.

In a filing with Bursa Malaysia, Genting Malaysia, which is 49.3 percent-owned by Genting BhD, said it was buying Genting Alderney from RWI International Investments, which is 50 percent owned by Genting Bhd and 50 percent by its chairman Tan Sri Lim Kok Thay.

Maybank Kim Eng said Genting Malaysia’s 15Q2 results missed estimates slightly due to bad debts at GENUK, however, Resorts World Genting operations stay strong.  

GENM’s 15Q2 core net profit of MYR247.6 million ($57.2 million), down 4 percent year-on-year, brought the first six months’ core net profit to MYR597.4 million, also down 4 percent YoY, which missed by a tad at 43 percent of Maybank’s full year estimate.

Fitch Ratings stated that the outlook for the gaming industry in Singapore and Malaysia continues to be stable.

Electronic gaming manufacturer RGB International Bhd says it is still interested in acquiring a stake in Timor Holdings Lda to gain a stronger foothold in Timor-Leste, according to local media.

Morgan Stanley Research said in a note that consensus expectations of Genting Malaysia’s growth locally remain too high, and the company’s overseas earnings remain affected by losses in Resorts World Bimini.

Genting Malaysia reported total revenue of RM1.98 billion ($468.6 million) in 15Q2 compared to RM1.91 billion in the prior corresponding period, representing growth of 4 percent.

Malaysia’s only casino operator, Genting, is now one and a half years into a huge RM5 billion ($1.3 billion) renovation project at its 50-year-old Resorts World Genting property, with construction works proceeding mostly to schedule, analysts say.

Genting Malaysia announced that its subsidiary, GENM Capital, has issued MYR2.40 billion ($566.1 million) in notes as part of the company’s Medium-Term Notes Programme.

As VIP revenue from China’s high rollers continues to slump, Malaysia’s Genting Group is seeking to carve a niche for itself by targeting the more profitable premium mass segment across its Asian properties.

 

As VIP revenue from China’s high rollers continues to slump, Malaysia’s Genting Group is seeking to carve a niche for itself by targeting the more profitable premium mass segment across its Asian properties.

The conglomerate has aggressively embarked on a slew of facelifts or new projects, such as launching new hotels and gaming floors across various properties, in a move to woo the premium mass gambler.

 



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