• 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

Year-end launch for Gen Highlands’ Sky Plaza: brokerage

Sep 21, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


Year-end launch for Gen Highlands’ Sky Plaza: brokerage

Part of the new tourism facilities planned for the Resorts World Genting casino complex in Malaysia, a property run by Genting Malaysia Bhd, is likely to have a soft opening “by year end”, said a note from Affin Hwang Investment Bank Bhd.

“We understand from management that the opening of new key facilities (new cable car system, Sky Avenue and Sky Plaza shopping mall, and multi-storey car park) with regards to the Genting Integrated Tourism Plan (GITP) is on track for a soft opening by year-end,” said Lim Tee Yang. The analyst was referring to Genting Malaysia’s name for its multibillion-U.S.-dollar revamp of the Genting Highlands resort (pictured).

“The podium, which houses additional gaming capacity, should also be ready by year-end,” said Affin Hwang in its paper, which has been distributed by brokerage Daiwa Securities Group Inc.

“We see this as a key catalyst [for Genting Malaysia] since domestic operations account for circa 80 percent of group earnings,” added Affin Hwang’s analyst, noting that a film industry-focused theme park – to be called 20th Century Fox World Malaysia – “is scheduled to open by end-2017”, a date mentioned by several investment analysts.

Japanese brokerage Nomura had said in a March report that it had been a “negative surprise” for investors that the budget for the revamp of Resorts World Genting was likely to be more than double the original MYR5-billion (US$1.2-billion) estimate.

Nomura added that the expected capital cost for the 20th Century Fox World Malaysia alone was around a quarter of the total revamped GITP budget; or MYR2 billion to MYR2.5 billion. The institution noted however that this was “not an extraordinary amount” by the standards of modern theme parks.

Affin Hwang said in its Friday note that Genting Malaysia’s United Kingdom casino operations were “likely to remain stable with tighter credit control”.

Strong U.K. results helped the group’s net profit more than double year-on-year in the second quarter, the firm announced in August.

Affin Hwang said in its note that the group’s second-half 2016 losses for Resorts World Bimini – a casino venture in the Bahamas – were likely to narrow from the US$31-million deficit posted in the first half this year. Management were working to negotiate new deals on ferry services to the Caribbean archipelago, said the institution.

“In the longer term, we see upside in the U.S. operations from the proposed US$400-million expansion of New York racino, that includes an expansion of 1,000 slot machines by April 2019,” said Affin Hwang. The institution was referring to Aqueduct Resorts World, a revamped race track run by Genting Malaysia in the New York borough of Queens. The group also developed and operates Resorts World Casino New York City.


  • tweet
Related articles
  • Osaka hotel supply up, demand tighter pre-IR: Nomura
    Osaka hotel supply up, demand tighter...

    Dec 12, 2019  

  • Visa controls risk worsening Macau Dec GGR dip: Nomura
    Visa controls risk worsening Macau Dec...

    Dec 10, 2019  

More news
  • New Hengqin crossing to Macau in use soon: mainland
    New Hengqin crossing to Macau in use...

    Dec 12, 2019  

  • Tourism Secretary says Philippines safe despite kidnaps
    Tourism Secretary says Philippines safe...

    Dec 12, 2019  


Latest News

Osaka hotel supply up, demand tighter pre-IR: Nomura

Osaka hotel supply up, demand tighter pre-IR: Nomura

Dec 12, 2019  

Inbound tourism to Osaka is struggling to kept pace currently with the amount of fresh hotel space being created in that market, but the hope is that the World Expo 2025 to be held in that Japanese...
Read More
New Hengqin crossing to Macau in use soon: mainland

New Hengqin crossing to Macau in use soon: mainland

Dec 12, 2019  

Interviews

  • Incheon seeks to expand casino cluster to counter Japan
    Incheon seeks to expand casino cluster to counter Japan

    Dec 11, 2019  

    The Incheon Free Economic Zone (IFEZ) Authority in South...
  • Suncity Manila casino not a threat: Travellers EVP
    Suncity Manila casino not a threat: Travellers EVP

    Dec 09, 2019  

    Macau junket brand Suncity’s move toward being a casino...
  • Nagasaki fully backs Sasebo IR location: vice governor
    Nagasaki fully backs Sasebo IR location: vice governor

    Nov 06, 2019  

    A senior official of Japan’s Nagasaki prefecture has...
  • NagaCorp open to new development opportunities: chairman
    NagaCorp open to new development opportunities: chairman

    Jul 15, 2019  

    Hong Kong-listed casino operator and developer NagaCorp Ltd...
  • Casino logistics provider TKHS aims for global footprint
    Casino logistics provider TKHS aims for global footprint

    Jul 12, 2019  

    Asia-based casino logistics provider TKHS Group has plans...

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


20,000

Total number of new jobs a resort cluster at Incheon could create, according to the Incheon Free Economic Zone Authority



Most Popular

  • Mark Brown quits Saipan casino op a second time: reportMark Brown quits Saipan casino op a second time: report December 11, 2019
  • Incheon seeks to expand casino cluster to counter JapanIncheon seeks to expand casino cluster to counter Japan December 11, 2019
  • Wynn Resorts to have Yokohama focus for Japan: CEOWynn Resorts to have Yokohama focus for Japan: CEO December 12, 2019
  • 75pct of Resorts World Las Vegas rev to be non-gaming: exec75pct of Resorts World Las Vegas rev to be non-gaming: exec December 10, 2019
  • David Kennedy leaving Scientific Games’ board: firmDavid Kennedy leaving Scientific Games’ board: firm December 9, 2019
Copyright 2014-2019 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us