Malaysia

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.

 



This content is for members only. To continue reading

Join Now

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 Chief Minister has dismissed the claim by an assemblyman that the Penang government will build a casino in the state, Bernama reported.

Pages