RAM Ratings has reaffirmed the corporate credit ratings of Genting Malaysia Berhad at AAA and Stable, as well as the AAA and Stable rating of its proposed RM5 billion ($1.3 billion) medium-term notes programme, to be issued by Genting Malaysia’s wholly-owned subsidiary, GENM Capital Berhad.
Malaysia’s RGB International Bhd has suspended plans to enter the gaming sector in Timor-Leste (East Timor) due to delays in license allocation, the group said in a statement filed with the Malaysian Stock Exchange.
Malaysia has blocked access to 301 illegal gambling websites during the first six months of the year.
Deputy Communication and Multimedia Minister Datuk Jailani Johari said it was part of the 940 applications to block access to online gambling submitted by the relevant authorities, The Malay Online reported.
Maybank Kim Eng says it is excited about Resorts World Genting’s premium mass-focused Sky Plaza casino, opening in mid-2016, forecasting such a market could boost Genting Malaysia’s profit by MYR150 million ($39.3 million) per year.
The research house said in a note that for every 10 percentage point share of gross gaming revenue migrated from VIP to premium mass RWG will boost group core net profit by MYR150m per year.
“This segment will also benefit if Mainland Chinese individuals are granted visa-free access into Malaysia,” the note says.
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.
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. A recent AGBrief visit to the casino found the property busy, despite ongoing works, with a 13 percent increase in hotel capacity scheduled to come onstream in July.
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Genting Malaysia posted higher Q1 revenue and profit, helped by its businesses in the U.S. and Bahamas, but warned of an uneven economic outlook across the markets in which it operates and said the gaming environment is challenging.