Maybank has lowered Genting Malaysia's earnings estimate for fiscal 2024 and 2025 by 4 and 5 percent, respectively, due to a two percentage point service tax rate hike in the country.
Brokerage CGS-CIMB says Genting Malaysia Bhd's fair value may rise 8 to 14 percent if its New York City casino license bid succeeds.
Analysts at ratings agency Fitch are expecting Genting Malaysia and Singapore's revenue to reach 2019 levels in the second half of 2024, and this year their revenue is likely to recover 85 to 90 percent of pre-pandemic levels.
An agreement between Resorts World Miami LLC and Genting Florida LLC to sell Miami Herald land for $1.2 billion to Smart Miami City LLC has fallen through, Genting Malaysia Berhad announced on Thursday.
Due to the “tad later than expected” return of international visitors to Resorts World Genting (RWG), the Maybank Investment Bank has lowered its earnings estimates for Genting Malaysia by 27 percent for FY23.
Genting Malaysia has reported a 43 percent annual increase in adjusted EBITDA – to RM592.9 million ($128.94 million) – and a 33 percent increase in revenue – to RM2.28 billion ($496.51 million) in the first quarter of the year, despite registering a loss of RM45.4 million ($9.87 million).
Genting Malaysia Berhad has announced that it is raising RM500 million ($112.69 million) in three tranches to ‘finance the development and/or redevelopment of the properties and/or resorts’ that it operates, including those in Genting Highlands.
Resorts World Genting helped push up Genting Malaysia's 4Q22 revenue, but not quite enough, as the company still suffered an $88 million loss, with EBITDA also falling.
Genting Malaysia Berhad has recorded a net loss attributable to shareholders of RM393.96 million ($88.82 million) for the fourth quarter of 2022, a sharp turnaround from the RM174.11 million ($39.25 million) in profit registered in the same period of 2021 and a stark increase from the narrowed loss of RM8.26 million ($1.83 million) registered in the third quarter.