Malaysia

Genting Malaysia has delayed the opening of its 20th Century Fox theme park until 2017, a development that analysts say is negative for the company as the attraction was expected to be a key driver of visitation. 

Genting Malaysia’s 20th Century Fox theme park opening has been delayed until 2017, which is “a negative development" for the company, according to CIMB Research.

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.

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.

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