• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Genting Malaysia NY stumble raises stakes: analyst

Jan 05, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck  


Genting Malaysia NY stumble raises stakes: analyst

Malaysia’s gaming sector has been downgraded to neutral from overweight by financial firm Affin Hwang Capital, which pointed to “relatively weak” corporate results “due to declining visitor arrivals and poor luck factor”. But the focus for 2015 is mainly centred on Genting Bhd’s progress in winning new casino licences, Affin Hwang said in its latest report on the gaming sector.

“We are disappointed that Genting Malaysia’s bid for a casino licence in upstate New York did not materialise. We believe factors other than potential tax revenue may have influenced the bid outcome,” said analyst Lim Tee Yang.

New York’s Gaming Facility Location Board on December 17 recommended three projects for upstate casino licences, leaving out two proposals from Genting Malaysia.

“It remains to be seen where Genting Malaysia may make its next move in the U.S., but we believe Genting Malaysia would need to be selective given rising competition from new casinos amid moderating industry growth. At this juncture, we are not aware of potential new casino licences to be issued in the U.S,” the note said.

Genting Malaysia is awaiting approval to start construction of its Resorts World Las Vegas in Nevada.

Looking east, another of Genting’s subsidiaries, Genting Singapore Plc, “is making good progress in [South] Korea”, but the recently concluded snap elections in Japan might not translate into an immediate revival of the casino bill, the analyst wrote.

In South Korea, Resorts World Jeju could possibly see the light of day in the first half of 2015.

“However, the casino bill in Japan may have to wait as we believe [prime minister Shinzo] Abe may use the re-election victory to drag Japan out of deflation,” said the note. Genting Singapore has set up several wholly-owned subsidiaries in Japan in the likelihood that the country will legalise casino gaming.

Another headwind for Genting Malaysia and the country’s gaming sector is the implementation of the 6 percent Goods and Services Tax (GST) due in April.

“The implementation of the GST is negative for Genting Malaysia, as we understand that the casino will absorb the tax,” said Mr Lim.

“Tactically, the sector could however still benefit from a return of capital flows as the gaming sector is seen as generally defensive and is a foreign investor favourite,” he added.


  • tweet
Related articles
  • Sands China partners with Kakao Pay to lure S.Korean visitors
    Sands China partners with Kakao Pay to...

    Sep 25, 2023  

  • Japan govt nods MGM-Orix, Osaka govt deal for IR scheme
    Japan govt nods MGM-Orix, Osaka govt...

    Sep 25, 2023  

More news
  • Macau govt sets junket cap per casino operator for 2024
    Macau govt sets junket cap per casino...

    Sep 25, 2023  

  • Wynn Macau Ltd cancels K-pop festival scheduled for Oct
    Wynn Macau Ltd cancels K-pop festival...

    Sep 25, 2023  


Latest News

Macau govt sets junket cap per casino operator for 2024

Macau govt sets junket cap per casino operator for 2024

Sep 25, 2023  

The Macau government has made public the maximum number of licensed gaming promoters – also known as ‘junkets’ – that each of the city’s casino operator will be able to work with in...
Read More
Sands China partners with Kakao Pay to lure S.Korean visitors

Sands China partners with Kakao Pay to lure S.Korean...

Sep 25, 2023  

Wynn Macau Ltd cancels K-pop festival scheduled for Oct

Wynn Macau Ltd cancels K-pop festival scheduled for Oct

Sep 25, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"We [estimate] that these illegal [currency exchange] transactions account for somewhere between 50 percent to 60 percent [of Macau's annual gross gaming revenue]”

Ben Lee

Managing partner at IGamiX Management and Consulting



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Macau govt sets junket cap per casino operator for 2024Macau govt sets junket cap per casino operator for 2024 September 25, 2023
  • Strong Macau hotel bookings for autumn Golden WeekStrong Macau hotel bookings for autumn Golden Week September 22, 2023
  • Wynn Macau Ltd cancels K-pop festival scheduled for OctWynn Macau Ltd cancels K-pop festival scheduled for Oct September 25, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us