Genting outlook dimmed by lawsuit, tax hikes

A more than $1 billion legal dispute with Walt Disney Co. and Fox Entertainment over a planned theme park is capping off a roller coaster of a year for Genting Malaysia, with analysts slashing their forecasts for the group. Nomura didn’t sugar-coat the pill in a Wednesday report. “There are no two ways to put this – overnight news on the filing of a lawsuit by GENM against defendants Walt Disney Co and 21st Century Fox, for “improper termination” of GENM’s long anticipated Fox Theme Park (scheduled to open mid 2019), is a big negative for the share price.” Genting, one of the world’s largest casino operators, earlier this week said it had filed a lawsuit against its U.S. partner in a planned park at its Resorts World Genting property. The Malaysian company is seeking more than $1 billion in damages for breach of contract after 20th Century Fox, whose...

Intelligence Articles is a premium content section developed for AGB members only featuring in-depth articles on relevant items of interest across the multiple Asia Pacific Gaming jurisdictions. To continue reading, subscribe now.