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Genting Malaysia has been forced into cost cutting mode to offset the negative impact of recent tax rulings, though analysts still expect 2019 to be another tough year for the country’s only operator.
Genting Malaysia Chairman Tan Sri Lim Kok Thay has said he will take a 20 percent pay cut to mitigate the impact of the tax increases imposed in last year’s budget.
Genting Malaysia Chairman and CEO Tan Sri Lim Kok Thay said the group is cautious about the opportunities in the year ahead, but remains committed to developing an outdoor theme park that has been bogged down by legal issues.
Sri Lanka will raise an annual licence fee for casinos from 200 million to 400 million rupees, Finance Minister Mangala Samaraweera was cited as...
Regulatory risk, political uncertainty and exposure to a Chinese economic downturn will factor into the performance of casino sectors in Malaysia, Singapore and the...
The impact of tax and duty hikes on Genting Malaysia, that were announced in this year’s budget, may not be as bad as initially feared, local media reports, citing a report by UOB Kay Hian Research.
Genting is likely to see a decline of around 8 percent to 9 percent in group earnings before interest, tax, depreciation, amortization and rent/restructuring costs (EBITDAR) as a result of the Malaysian government’s decision to hike taxes in this year’s budget, though potential cost savings may offset the impact on the group’s financial profile, Fitch Ratings says.
Operators in Russia’s Far East have won a reprieve from a potentially punishing new tax regime and are now discussing further development plans with the government of the zone. In the interests of long-term investment, Primorye chose to leave taxes unchanged. It now hopes to attract further investors through land auctions this summer and to introduce more non-gaming elements.
Lawrence Ho said he is selling off his entire stake in Summit Ascent Holdings, shortly after the Russian government announced changes that could potentially...