Malaysia

Fitch Ratings has affirmed Malaysia-based gaming conglomerate Genting Berhad's Long-Term Foreign Currency Issuer Default Rating and senior unsecured rating at 'A-'. Fitch has also affirmed the Long...

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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Malaysian lottery operator Magnum Bhd announced that net profit for 15Q1 rose 10 percent to RM90.8 million ($24.2 million), from RM82.5 million during the same period the year before.

Malaysian authorities have blocked a total of 536 illegal gambling websites under the Common Gaming Houses Act 1953 as of April this year.

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.

Eighteen people, including six foreigners, were arrested for their alleged involvement in illegal online gambling, according to The Star online.

Australian regulators are close to giving approval to Malaysia’s Genting to up its stake in Echo Entertainment from 6 percent to 25 percent, local media reports.

Genting Malaysia said it’s seeking a mandate from shareholders to sell its entire 17.8 percent stake in the group’s Hong Kong-listed unit Genting Hong Kong for a price of not less than $0.33 a share in cash, the company said in a Bursa Malaysia filing.

The federal administrative center of Malaysia said that gambling mogul Paul Phua, who is currently being tried in a US court, does not have a criminal record despite reports claiming he had been convicted for illegal betting in 2004.
"According to police records, Paul Phua Wei Seng does not have a previous criminal record," The Malaysian Insider quoted Home Minister Datuk Seri Ahmad Zahid Hamidi as saying in a written parliamentary reply.

Singapore’s mass-market gaming revenues are expected to be stifled as the Malaysian ringgit falls to a 17-year low against the Singapore dollar, analysts say.

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