• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • 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
  • GEN Malaysia may deleverage within 2 years says Fitch
    GEN Malaysia may deleverage within 2...

    Apr 07, 2021  

  • Nascent gaming recovery, challenges remain: Genting boss
    Nascent gaming recovery, challenges...

    Apr 07, 2021  

More news
  • Macau casino 1Q EBITDA softer sequentially: MS
    Macau casino 1Q EBITDA softer...

    Apr 12, 2021  

  • Mohegan to cut debt/EBITDA soon says Moody’s
    Mohegan to cut debt/EBITDA soon says...

    Apr 12, 2021  


Latest News

Macau casino 1Q EBITDA softer sequentially: MS

Macau casino 1Q EBITDA softer sequentially: MS

Apr 12, 2021  

Banking group Morgan Stanley expects Macau casino industry earnings before interest, taxation, depreciation and amortisation (EBITDA) to have fallen sequentially in the first quarter, despite an...
Read More
Mohegan to cut debt/EBITDA soon says Moody’s

Mohegan to cut debt/EBITDA soon says Moody’s

Apr 12, 2021  

Philippines needs AML reform on casino biz: IMF

Philippines needs AML reform on casino biz: IMF

Apr 12, 2021  

Manila quarantine easing to April 30, casinos shut for now

Manila quarantine easing to April 30, casinos shut for now

Apr 12, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


150

Total number of gaming tables to be in operation at the expanded Jeju Lotte Tour Casino in South Korea



Most Popular

  • Moody’s expects MGM, Wynn to pursue large IR development Moody’s expects MGM, Wynn to pursue large IR development  April 8, 2021
  • Macau daily visit volume down 17pct m-o-m for April 2 to 6Macau daily visit volume down 17pct m-o-m for April 2 to 6 April 8, 2021
  • China probed 17,000-plus cross-border gambling casesChina probed 17,000-plus cross-border gambling cases April 9, 2021
  • Lawrence Ho awarded US$10mln in Melco Resorts sharesLawrence Ho awarded US$10mln in Melco Resorts shares April 9, 2021
  • Guangdong urges cross-border bet criminals to surrenderGuangdong urges cross-border bet criminals to surrender April 9, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us