Genting Malaysia is pushing ahead with its overseas expansion plans, though analysts have expressed concern its recent acquisition of Empire Resorts in the U.S. will weigh on long-term earnings.
In August, Malaysia’s casino monopoly announced plans to privatize the currently-loss-making Empire Resorts, the company which owns and operates Resorts World Catskills in New York.
RWC began operations on 8 Feb, 2018 and features a 322 all-suite hotel, 1,600 slot machines and over 150 gaming tables.
The acquisition announcement triggered a 12 percent plunge in the company’s share price due to concern about the impact of taking on Empire, which had reportedly been close to filing for Chapter 11 bankruptcy protection.
The purchase will be made by Genting’s wholly-owned subsidiary Genting (USA), which will acquire 13.2 million shares in Empire from its single largest shareholder, Kien Huat Realty III for $128.6 million. The 13.2 million shares represent around 46 percent of Empire’s common stock....
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
Spooked by reports of a more infectious variant of Covid-19 emerging from the United Kingdom, the Macanese government is significantly tightening its entry restrictions, effective today.
Kenanga Research expects Malaysia's casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
