• 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’s Lim hints more cost cuts in Malaysia tax row

Apr 10, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Genting’s Lim hints more cost cuts in Malaysia tax row

The announcement of a revision in casino duties and casino licence fee applicable to the Resorts World Genting casino complex following the Malaysian government’s budget for 2019 “will impact Genting Malaysia’s earnings in financial year 2019 onwards”.

So said Lim Kok Thay, chairman of the parent group Genting Bhd, in the latter’s 2018 annual report filed with Bursa Malaysia on Tuesday.

The chairman added in his statement: “In view of the severity of the announced increases in casino duties, Genting Malaysia will continue to review and manage its cost structure.”

This included “reducing or delaying” capital expenditure and implementing “various cost rationalisation initiatives such as manpower optimisation”.

A recent note from Maybank Investment Bank Bhd said that Genting Malaysia’s offer to buy for US$126 millon from the Malaysian government a high-profile luxury yacht caught up in the country’s sovereign wealth fund scandal might help Genting Malaysia “reconcile with” Malaysia’s Ministry of Finance on several matters.

Those included a row about tax incentives for the Genting Integrated Tourism Plan (GITP). GITP is a multi-phase initiative that Genting Malaysia has undertaken for its Resorts World Genting complex. It involves a 10-year, MYR10-billion (US$2.4 billion) master plan.

Chairman Mr Lim also gave some commentary on the stalled outdoor theme park at the property.

“Genting Malaysia remains committed to having the outdoor theme park at Resorts World Genting as a growth initiative in Malaysia,” he stated.

The annual report mentioned however that due to litigation over the theme park and the “uncertainty” of its outcome, Genting Malaysia had “carried out an impairment assessment on the recoverability of the property, plant and equipment for the theme park assets” as a precautionary exercise.

In the chairman’s statement, Mr Lim also reiterated previous statements of the group that Resorts World Las Vegas, a new casino property under construction in Las Vegas, Nevada in the United States, should open in 2020. Last year an analyst suggested there might be a delay.

Mr Lim wrote: “The construction of Resorts World Las Vegas is progressing well with the concrete works through level 57 of the west tower and level 54 of the east tower completed. The hotel towers are scheduled to reach full height (level 68) in the third quarter of 2019.”

He added: “Total development and land costs incurred up to 31 December 2018 was about US$1 billion. The first phase is estimated to cost about US$4 billion and targeted to open by end 2020.”


  • tweet
Related articles
  • Casino tech firm RGB promotes Liew to VP of finance
    Casino tech firm RGB promotes Liew to...

    Jan 19, 2023  

  • Singapore 2023 visits may double from 6.3mln 2022: govt
    Singapore 2023 visits may double from...

    Jan 17, 2023  

More news
  • Gaming-related crime in Macau down 30pct in 2022: police
    Gaming-related crime in Macau down...

    Feb 01, 2023  

  • Donaco posts US$1.3mln 4Q EBITDA, flags positive outlook
    Donaco posts US$1.3mln 4Q EBITDA, flags...

    Jan 31, 2023  


Latest News

Gaming-related crime in Macau down 30pct in 2022: police

Gaming-related crime in Macau down 30pct in 2022: police

Feb 01, 2023  

Macau recorded 965 “gaming-related” crimes in full-year 2022, down 29.7 percent on the 1,372 identified in the previous year, according to the latest statistics published on Tuesday by...
Read More
Donaco posts US$1.3mln 4Q EBITDA, flags positive outlook

Donaco posts US$1.3mln 4Q EBITDA, flags positive outlook

Jan 31, 2023  

Tak Chun execs knew illicit to settle proxy in Macau: trial

Tak Chun execs knew illicit to settle proxy in Macau: trial

Jan 31, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.08 billion

Total income for 2022 reported by the Philippine Amusement and Gaming Corp



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Almost half million visitors to Macau for 7 days of CNY holsAlmost half million visitors to Macau for 7 days of CNY hols January 30, 2023
  • Macau visitor momentum kept for post CNY weekendMacau visitor momentum kept for post CNY weekend January 30, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us