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https://agbrief.com/news/malaysia/15/06/2023/malaysias-official-admits-online-gambling-players-are-protected-by-political-masters/ | Malaysian official admits online gambling players are protected by political masters | -According to local media, Datuk Seri Saifuddin Nasution Ismail pointed out that “political patronage towards these gambling players (in the country) exists, providing influence and protection for corruption and bribery within the gambling sector. Consequently, the online gambling players are being protected by politic... |
https://agbrief.com/news/malaysia/26/04/2023/sarawak-minister-says-okay-to-casino-for-redevelopment-of-borneo-highlands/ | Sarawak minister says okay to casino for redevelopment of Borneo Highlands | -Commenting on those opposed to the idea, Sarawak’s tourism, creative industry, and performing arts minister Abdul Karim Rahman Hamzah stressed that “the casino would not be the only attraction earmarked for the redevelopment of the Borneo Highlands Resort as there would be other amenities such as a golf course and amu... |
https://agbrief.com/news/malaysia/29/08/2021/genting-gives-first-figures-for-rwlv-says-food-and-casino-revenue-strong/ | Genting gives first figures for RWLV, says food and casino revenue strong | -Genting Bhd. said revenue for the first six days of operations at its newly opened Resorts World Las Vegas came in at about $14.9 million, driven by “very strong” casino and food and beverage operations.The Malaysian conglomerate opened the first new integrated resort in Las Vegas in more than a decade on June 24. The... |
https://agbrief.com/news/malaysia/18/08/2021/genting-malaysia-resorts-to-open-in-november-maybank/ | Genting Malaysia resorts to open in November: Maybank | -Analysts from Maybank Investment Bank are expecting a delay in the reopening of Resorts World Genting to November this year, following a surge in Covid-19 cases, local media reports. The analysts had initially predicted that its casinos would reopen at the end of August, but its new forecast is based on when the count... |
https://agbrief.com/news/malaysia/01/07/2021/malaysia-digital-banking-licenses-application-closes/ | Genting applies for Malaysian digital banking license | -Malaysia’s central bank, Bank Negara Malaysia, has closed its application period for five digital banking licenses it is expected to issue by the first quarter of 2022.The period ran until Wednesday, with previous reports indicating some 40 parties had expressed intent.These include casino operator Genting, as well as... |
https://agbrief.com/news/malaysia/15/07/2022/genting-malaysia-ramp-up-encouraging-but-inflation-a-concern-rhb/ | Genting Malaysia ramp up encouraging, but inflation a concern: RHB | -According to ground checks, hotel rooms were fully booked at Resorts World Genting at the weekends, local media reported RHB as saying. “We were also pleasantly surprised by the large casino crowd on a Wednesday afternoon. As Malaysia’s and Singapore’s borders have reopened, we think that RWG and Resorts World Sentosa... |
https://agbrief.com/news/malaysia/24/05/2021/resorts-world-genting-casino-closed-as-covid-flares/ | Resorts World Genting casino closed as Covid flares | -Resorts World Genting said it has closed its casino until further notice, while other facilities, such as shopping malls and food and beverage outlets will operate under restricted opening hours.The closure comes as Covid cases in Malaysia rise and the government tightens it movement control restrictions.Company state... |
https://agbrief.com/news/malaysia/03/08/2022/maybank-revises-genting-malaysia-target-share-price-on-growth-expectation-in-fy22/ | Maybank revises Genting Malaysia target share price on growth expectation in FY22 | -The brokerage is bullish on the increase in the number of daily visitors which has increased significantly from 2.6k visitors daily in Feb-Mar 2022 to 3k-4k visitors daily from Apr 2022 onwards.Gaming is back on an upswing with traffic returning after the Omicron wave in 1Q22.RWG is buzzing once again post-Covid, main... |
https://agbrief.com/news/malaysia/10/03/2022/genting-ramping-up-global-operations-as-covid-fears-ease/ | Genting ramping up global operations as Covid fears ease | -Genting Malaysia said it would progressively roll out remaining attractions at Resorts World Genting and ramp up operations elsewhere as borders open and Covid fears ease. Executives from the Malaysian conglomerate gave a corporate presentation at the Nomura ASEAN Virtual Conference last week, as reported by The Edge.... |
https://agbrief.com/news/malaysia/18/12/2020/new-norms-and-little-luxuries/ | Danny Too: New norms and little luxuries | -The pandemic that brought the world to a standstill, making people evaluate their priorities in life. It is a time when wearing a mask is a “norm” and being able to fly without going through a quarantine is a “luxury”. Attending virtual gaming events and webinars seemed really “weird” and “interesting” at the same tim... |
https://agbrief.com/news/malaysia/17/03/2021/genting-malaysia-buys-back-more-stock/ | Genting Malaysia buys back more stock | -Genting Malaysia has bought back more of its own stock, purchasing MYR4.4 million worth of stock at a price between MYR3.11 and MYR3.15 each. It’s the second buyback in two weeks.Genting Malaysia company filing |
https://agbrief.com/news/malaysia/28/01/2022/genting-skyworlds-gets-thumbs-up-from-analysts-despite-initial-loss-predictions/ | Genting Skyworlds gets thumbs up from analysts despite initial loss predictions | -Genting Malaysia’s long-delayed Skyworlds theme park has been given a thumbs up from analysts who were given a sneak preview of the attraction on Thursday. “We think that the park is well-conceptualised, has a good mix of attractions for all ages, and is likely to be a crowd puller to the highlands resort,” Nomura wro... |
https://agbrief.com/news/malaysia/30/05/2023/rgb-international-reports-profit-of-2-3-million-for-1q23/ | RGB International reports profit of $2.3 million for 1Q23 | -In its 1Q23 results announcement, RGB outlined the improved performance, with its consolidated revenues rising by 197 percent year-on-year to RM95.2 million ($20.7 million). However, revenues were down 21 percent compared to the 4Q22.The Sales and Marketing segment revenues jumped 367 percent, to RM69 million ($15.0 m... |
https://agbrief.com/news/malaysia/09/07/2023/ex-research-chief-of-jp-morgan-malaysia-now-leads-rgb/ | Ex-research chief of JP Morgan Malaysia joins RGB | -Malaysian-based electronic gaming machine manufacturer RGB announced the appointment in a filing with Bursa Malaysia on Thursday (July 6th), saying that Ng has nearly 20 years of experience in the finance market. According to information provided by the firm, Ng was head of equity research at the Malaysian unit of inv... |
https://agbrief.com/news/malaysia/19/10/2023/online-gambling-is-an-offense-malay-court/ | Online gambling is an offense: Malay court | -According to reports, the decision was made by Court of Appeal judges, who rejected a request by a former gambling house operator.The ruling comes in regard to an online gambling location without physical equipment.It specifies that “there is no requirement in the law for the equipment to exist physically on the premi... |
https://agbrief.com/news/malaysia/#login-form | Malaysia | |
https://agbrief.com/news/malaysia/02/11/2021/genting-u-s-operations-maintain-momentum-to-support-group-earnings-nomura/ | Genting U.S. operations maintain momentum, to support group earnings: Nomura | -Genting Group’s U.S. operations are maintaining their post-Covid recovery momentum and will continue to provide a positive contribution to earnings, Nomura said.In a monthly review of the group’s U.S. operations, Nomura said the three properties were continuing to generate strong revenue despite a recent uptick in Cov... |
https://agbrief.com/news/malaysia/06/01/2021/malaysian-government-ups-special-lottery-draws-to-22/ | Malaysian government ups special lottery draws to 22 | -The Malaysian government has reinstated the number of special lottery draws that can be carried out each year to 22, up from eight last year, to raise extra revenue following the pandemic.Malaysia government increases special draws despite Islamist ally’s anti-gambling stance (Straits Times) |
https://agbrief.com/news/malaysia/15/06/2022/genting-group-to-pay-12m-to-settle-lawsuit-over-empire-resorts-buyout/ | Genting Group to pay $12m to settle lawsuit over Empire Resorts buyout | -Bloomberg Law reports that the case also included former Empire board members and awards $3 million in legal fees. The news comes from court filings made in a Delaware court on Tuesday. The investors had claimed that the $9.74 a share transaction in 2019 was the result of pressure from the Malaysian operator and its a... |
https://agbrief.com/news/malaysia/29/12/2020/resorts-world-genting-open-not-affected-by-nearby-restrictions/ | Resorts World Genting open, not affected by nearby restrictions | -Resorts World Genting says it remains open and is not part of a nearby area that is subject to an Enhanced Movement Control Order.Company filing |
https://agbrief.com/news/malaysia/17/02/2022/maybank-upbeat-omicron-wont-pose-major-challenge-for-malaysia-gaming/ | Maybank upbeat Omicron won’t pose major challenge for Malaysia gaming | -Malaysia is currently going through a spike in Covid cases due to the Omicron variant, though Maybank says it’s cautiously optimistic the impact on the gaming industry will be limited this time around.Analyst Samuel Yin Shao Yang points to the relatively low mortality rate from this version of the virus and studies th... |
https://agbrief.com/news/malaysia/14/04/2021/105751/ | HLIB sees long-term positive growth for Genting Malaysia, ups rating | -Hong Leong Investment Bank Research has added its voice to analysts predicting a strong longer-term comeback for Genting Malaysia, upping its rating from a “hold” to a “buy.”While the recovery this year may be slower than predicted due to continuing interstate travel banks, 2022 is expected to see “exponential year-on... |
https://agbrief.com/news/malaysia/18/03/2021/resorts-world-lv-seen-generating-350m-revenue-in-2022/ | Resorts World Las Vegas seen generating $350m revenue in 2022 | -Resorts World Las Vegas is expected to generate revenue of $350 million in 2022 and EBITDA of $82 million in its first full year after opening this summer, according to Nomura Research.For 2023, the firm is estimating revenue of $477 million and EBITDA of $112 million, basing its model on more than 20 large Las Vegas ... |
https://agbrief.com/news/malaysia/01/06/2021/resorts-world-genting-closed-down-as-malaysia-goes-into-lockdown/ | Resorts World Genting closed as Malaysia goes into lockdown | -Genting Malaysia’s Resorts World Genting has now been completely closed to the public after Malaysia entered total lockdown to control its latest Covid outbreak.Only essential services remain in operation.Malaysia began a lockdown of at least two weeks from Tuesday as the country battles one of the highest rates of in... |
https://agbrief.com/news/malaysia/23/02/2022/berjaya-assets-sued-for-pulling-out-of-lottery-company-acquisition-deal/ | Berjaya Assets sued for pulling out of lottery company acquisition deal | -Malaysia-based Berjaya Assets Bhd is being sued for RM97.6 million (US$23.3 million) for pulling out of an agreement in 2020 to acquire the remaining stake in a gaming firm that operates number forecast lotteries in Sarawak. According to The Edge Markets, the plaintiff is a company called Violet Circle Sdn Bhd, who al... |
https://agbrief.com/news/malaysia/30/11/2020/rgb-sees-slow-recovery-posts-narrower-q3-loss/ | RGB sees slow recovery, posts narrower Q3 loss | -RGB International, a Malaysian gambling supplier, said it sees a slow recovery for gaming in Asia and remains cautious for the rest of the year. The company posted a loss of MYR12.4 million in Q3, narrowing from MYR14.4 million the prior quarter.RGB Q3 results (Company filing) |
https://agbrief.com/news/malaysia/04/01/2022/genting-u-s-3-month-ggr-performance-solid-despite-rising-covid-nomura/ | Genting U.S. 3-month GGR performance solid despite rising Covid: Nomura | -Genting Group’s U.S. resorts managed to keep their revenue momentum in November, despite rapidly rising Covid cases, with gross gambling revenue remaining above 2019 levels, according to Nomura Research.At Resorts World New York City, GGR in the three months to end-November was $222 million, down 3 percent sequentiall... |
https://agbrief.com/news/malaysia/05/07/2023/meta-working-with-malaysian-authorities-to-combat-online-gambling/ | META working with Malaysian authorities to combat online gambling | -According to official statistics, losses suffered by Malays through META’s operating platforms – namely Facebook, Instagram and WhatsApp – totalled some RM330 million ($70.94 million) in just the first five months of the year.The figure amounts to a 25 percent increase over the total registered in 2022.This comes afte... |
https://agbrief.com/news/malaysia/27/06/2022/rgb-targets-1000-machine-sales-eyes-profit-this-year/ | RGB targets 1000 machine sales, eyes profit this year | -Managing Director Datuk Seri Chuah Kim Seah was cited as saying by The Star newspaper that 400 machines had already been delivered to customers in Malaysia, Vietnam and the Philippines.Under its TSM business, the group is targeting to lease out about 5,000 gaming machines to casinos and clubs in Cambodia, Laos, Vietna... |
https://agbrief.com/news/malaysia/10/11/2022/fitch-predicting-strong-recovery-by-genting-malaysia-into-2024/ | Fitch predicting strong recovery by Genting Malaysia into 2024 | -The estimates are based on recovery in the Malaysia and US markets, as well as a ‘slower – but steady – EBITDAR recovery in Singapore’ due to the ‘higher dependence on foreign visitors and the hit from an increase in gaming tax from 2Q22’.Genting Malaysia operates Malaysia’s only licensed casino, Resorts World Genting... |
https://agbrief.com/news/malaysia/26/11/2020/genting-malaysia-confirms-worker-positive-for-covid-19/ | Genting Malaysia confirms worker positive for Covid-19 | -Genting Malaysia’s Resorts World Genting said one of its security workers has tested positive for Covid-19 during routine health screening protocols. The company said the worker is receiving treatment at a government hospital and did not interact with guests.Confirmed case of Covid-19 at Gentings Highlands (Company re... |
https://agbrief.com/news/malaysia/26/05/2021/genting-malaysia-flags-potential-theme-park-delay-posts-wider-q1-loss/ | Genting Malaysia flags potential theme park delay, posts wider Q1 loss | -Genting Malaysia posted a wider loss for Q1 and flagged a potential delay in the opening of its outdoor theme park due to ongoing Covid restrictions in the country.The net loss came in at MYR501.3 million, compared with MYR453.9 million a year earlier. Revenue dropped 68 percent to MYR623.3 million.“While the group co... |
https://agbrief.com/news/malaysia/08/03/2021/genting-sues-insurers-in-u-s-over-covid-19-losses/ | Genting sues insurers in U.S. over Covid-19 losses | -Genting Group-owned Resorts World Casino New York City and Miami Hilton have filed a suit against more than a dozen insurers claiming they wrongly denied coverage for some US$500 million in losses to the two resorts during the Covid-19 pandemic.Genting Americas sues insurers to claim $500m in losses at two resorts (Th... |
https://agbrief.com/news/malaysia/11/03/2021/genting-malaysia-buys-back-1-5m-in-stock-on-open-market/ | Genting buys back US$1.5 million in stock on open market | -Genting Malaysia Bhd (GenM) bought back two million shares on the open market for a total of RM6.31 million (US$1.5 million), with the price ranging between RM3.15 and RM3.16, according to a filing with the local stock exchange today.Genting stock exchange filing |
https://agbrief.com/news/malaysia/26/11/2021/genting-malaysia-to-see-brighter-future-after-3q-earnings-blip-nomura/ | Genting Malaysia to see brighter future after 3Q “earnings blip”: Nomura | -Genting Malaysia’s earnings are likely to improve in 4Q21 and next year, after a “blip” in the third quarter, as its new theme park comes online and borders reopen, Nomura said.The Malaysian operator reported a 42 percent drop in 3Q21 revenue to MYR826.3 million ($194.8 million), while its net loss narrowed to MYR289 ... |
https://agbrief.com/news/malaysia/21/10/2020/asia-turns-up-heat-on-online-gambling/ | Asia turns up heat on online gambling | -Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.It’s a perennial problem and the volume of enforcement activity tend... |
https://agbrief.com/news/malaysia/15/08/2021/malaysia-relaxing-measures-for-vaccinated-individuals-as-pm-resigns/ | Malaysia relaxing measures for vaccinated individuals as PM resigns | -Malaysia’s outgoing Prime Minister has announced that the country will open up more sectors for individuals who are fully vaccinated as it aims to rebuild its economy. The new guidelines take effect on Monday, including numerous types of stores, which the official notes should “offer some emotional and mental relief”.... |
https://agbrief.com/news/malaysia/29/06/2021/malaysia-announces-36b-stimulus-package-as-lockdown-extended/ | Malaysia announces $36b stimulus package as lockdown extended | -Malaysia’s government has announced a RM150 billion ($36.1 billion) stimulus package, its fourth this year, to offset the impact of an indefinite lockdown.The country’s lockdown, in place since June 1st, was to have ended Monday. However, the country’s new case load on Saturday was 5,803, well above the 4,000 threshol... |
https://agbrief.com/news/malaysia/18/12/2020/local-vips-support-resorts-world-genting/ | Local VIPs support Resorts World Genting | -TA Securities analyst Tam Kan Meng said company executives on a conference call attributed the strength at home to support from local VIPs, who have been unable to travel overseas to gamble due to border closures. Total visitation to the hilltop resort returned to 66 percent of pre-Covid measures, with gaming revenue ... |
https://agbrief.com/news/malaysia/26/11/2021/resorts-world-lvs-3q-results-dampened-by-mask-mandate/ | Resorts World LV’s 3Q results dampened by mask mandate | -Genting said the 3Q21 performance of its newly opened Resorts World Las Vegas property was hurt by a July mandate from the State of Nevada requiring masks to be worn, regardless of vaccination status.The $4.2 billion resort opened its doors on June 24. In 3Q21, it reported revenue of almost $175 million and EBITDA of ... |
https://agbrief.com/news/malaysia/14/10/2020/thailand-malaysia-step-up-anti-online-gambling-efforts/ | Thailand, Malaysia step up anti-online gambling efforts | -Thailand’s anti-online gambling efforts continue to show results, while Malaysia’s crackdowns keep exposing crooked cops.Thailand, Malaysia cracking anti-online gambling whips (Calvin Ayre) |
https://agbrief.com/news/malaysia/ | Malaysia | |
https://agbrief.com/news/malaysia/13/01/2021/malaysias-number-forecast-operators-close-shop-as-covid-cases-rise/ | Malaysia’s number forecast operators close shop as Covid cases rise | -Sports Toto Malaysia, Magnum Bhd and Pan Malaysian Pools have again closed their outlets in areas under Movement Control Orders due to rising Covid-19 cases. The affected areas are Penang, Selangor, Melaka, Johor and Sabah as well as the federal territories of Kuala Lumpur, Putrajaya and Labuan.Number forecast operato... |
https://agbrief.com/news/malaysia/23/11/2021/apac-tourism-to-return-faster-than-business-travel-in-2022-fitch/ | APAC tourism to return faster than business travel in 2022: Fitch | -Tourism is likely to rebound faster than business travel in the Asia Pacific region in 2022, with the operating environment for airports likely to improve, Fitch Ratings said.In its 2022 outlook for transportation infrastructure, the ratings agency said that the ramping up of vaccines and availability of boost shots a... |
https://agbrief.com/news/malaysia/11/11/2020/malaysia-allocates-3-6m-for-esports-development/ | Malaysia allocates US$3.6 million for eSports development | -Malaysia has allocated money to develop its eSports sector for the third year in a row in its annual budget, this time earmarking about US$3.6 million.Malaysia government allocates over $3.6m for eSports development in 2021 budget (European Gaming) |
https://agbrief.com/news/malaysia/05/11/2020/genting-outlook-cut-to-negative-by-fitch/ | Genting outlook cut to negative by Fitch | -Ratings agency Fitch has again taken its red pen to Genting Group and its subsidiaries, downgrading its outlook from negative to stable. The long-term issuer default rating remains at BBB.Fitch cut the actual rating from BBB+ to BBB on Oct. 16. |
https://agbrief.com/news/malaysia/11/05/2021/genting-malaysia-stock-falls-on-tighter-movement-controls/ | Genting Malaysia stock falls on tighter movement controls | -Shares in Genting Malaysia closed down 3.8 percent on Tuesday after the government unexpectedly imposed a nationwide movement control order until June 7th.The movement control order is likely to severely restrict visitation to the company’s Resorts World Genting property.Malaysia stocks, currency decline after nationw... |
https://agbrief.com/news/malaysia/07/07/2021/malaysian-police-bust-rm2-8mln-gambling-syndicate/ | Malaysian police bust RM2.8mln gambling syndicate | -Police in Kuching, the most populous city in Malaysia’s Sarawak state, have busted a RM2.8 million ($670,000) gambling ring.The authorities arrested four men who they believe to be part of the syndicate, which they say was operating for the past six months.Police say they promoted online gambling using social media ap... |
https://agbrief.com/news/malaysia/08/01/2021/rwg-says-canteen-workers-test-positive-for-covid-19/ | RWG says canteen workers test positive for Covid-19 | -Genting Malaysia said several canteen workers at its Resorts World Genting resort had tested positive for Covid-19 during regular health screening in early January. The canteens are not accessible to the public.Resorts World Genting (Company statement) |
https://agbrief.com/news/malaysia/20/07/2022/staff-shortages-crimp-genting-malaysia-recovery-cgs-cimb/ | Staff shortages crimp Genting Malaysia recovery: CGS-CIMB | -The firm expects Malaysia’s monopoly casino operator to stage a full recovery in 2023.Resorts World Genting is seeing strong pent up demand, boosted by local tourism and the return of some foreign visitors, especially from Singapore.However, it was only operating 5,500 hotel rooms out of a total of 10,500 in mid May, ... |
https://agbrief.com/news/malaysia/19/11/2020/malaysia-probes-police-involvement-in-online-gambling-fraud-scam/ | Malaysia probes police involvement in online gambling/fraud scam | -The Malaysian police force is opening an investigation paper into the alleged involvement of senior officers with individuals being held in connection with the so-called Macau Scam and online gambling syndicates.Cops involved in Macau Scam, online gambling will be investigated (New Straits Times) |
https://agbrief.com/news/malaysia/05/01/2021/malaysias-casinos-to-rebound-faster-than-number-operators-kenanga/ | Malaysia’s casinos to rebound faster than number operators: Kenanga | -Kenanga Research expects Malaysia’s casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.Gaming sector poised to recover from washed-out year (New Straits Times) |
https://agbrief.com/news/malaysia/02/03/2021/rgb-losses-at-us1-6-million-in-q4-2020/ | RGB losses at US$1.6 million in Q4 2020 | -Malaysia-based electronic games and services supplier RGB International has reported a fourth quarter loss of MYR6.4 million (US$1.6 million) based on total revenues of MYR52.2 million.Interim Unaudited Financial Statements (release) |
https://agbrief.com/news/malaysia/24/01/2022/lim-kok-thay-steps-down-as-genting-h-k-ceo-after-petition-to-wind-up-company/ | Lim Kok Thay steps down as Genting H.K. CEO after petition to wind up company | -Billionaire businessman Lim Kok Thay has stepped down as chairman and chief executive of Genting Hong Kong after the cruise ship operator filed a petition in a Bermuda court to wind up its cash-strapped business.The company said in a filing with the Hong Kong Stock Exchange that deputy CEO Au Fook Yew had also stepped... |
https://agbrief.com/news/malaysia/27/12/2021/hlib-upgrades-rating-for-malaysian-gaming-sector-genting-top-pick/ | HLIB upgrades rating for Malaysian gaming sector, Genting top pick | -Hong Leong Investment Bank (HLIB) Research has upgraded its rating of the gaming sector from “Neutral” to “Overweight”, as countries become better at handling new outbreaks and investors become immune to Covid-19 related news. In a report released last Thursday, HLIB said that though the recovery path of the gaming in... |
https://agbrief.com/news/malaysia/09/05/2022/maybank-cuts-eps-expectations-for-genting-malaysia-as-omicron-drags/ | Maybank cuts EPS expectations for Genting Malaysia as omicron drags | -Maybank Investment Bank has cut its profitability expectations for Genting Malaysia for full-year ending December 31, 2022, with omicron continuing to weigh on hotel performance at Resorts World Genting.In a Friday note, Maybank said it had cut Genting Malaysia Bhd’s earnings per share (EPS) by 40 percent. Analyst Yin... |
https://agbrief.com/news/malaysia/08/02/2022/malaysia-to-reopen-for-quarantine-free-travel-from-march-1st-to-boost-tourism/ | Malaysia to reopen for quarantine-free travel from March 1st to boost tourism | -Malaysia said it will reopen its borders for quarantine-free travel from March 1st to help boost its economy.According to local media reports, the National Recovery Council approved the plan on Tuesday. The borders will be open to travellers from all countries.Testing will need to be carried out before departure and o... |
https://agbrief.com/news/malaysia/26/05/2022/genting-says-1q22-at-rwlv-hit-by-omicron-but-results-improving/ | Genting says 1Q22 at RWLV hit by Omicron, but results improving | -Genting said 1Q22 performance at its Resorts World Las Vegas property was hit by Omicron, which affected group and leisure travel to Las Vegas, but that the situation was improving.The Malaysian conglomerate said it had seen rebounding travel trends, with strong demand for RWLV’s properties and services. 1Q22 hotel oc... |
https://agbrief.com/news/malaysia/25/11/2022/genting-malaysia-narrows-its-3q22-loss-to-1-84mln/ | Genting Malaysia narrows its 3Q22 loss to $1.84mln | -The results announced on Thursday, indicated a sharp rise in group revenue, totaling RM2.27 billion ($505 million), up 174 percent yearly.The group operates Malaysia’s only license casino property – Resorts World Genting, as well as casinos in the United States, the UK, Bahamas and Egypt.During the period, the Malaysi... |
https://agbrief.com/news/malaysia/06/05/2021/resorts-world-lv-gets-high-praise-from-gaming-board/ | Resorts World LV gets high praise from gaming board | -Genting’s Resorts World Las Vegas property has received licensing approval from the Nevada Gaming Control Board, which praised the $4.3 billion project and its execution.“The background is outstanding, the company is incredible, financials are great and ratios are outstanding,” Board Chairman Brin Gibson was cited as ... |
https://agbrief.com/news/malaysia/26/08/2021/genting-malaysia-2q-revenue-soars-but-warns-lockdowns-to-weigh/ | Genting Malaysia 2Q revenue soars, but warns lockdowns to weigh | -Genting Malaysia said its 2Q21 revenue soared more than seven times from the same quarter of last year, but warned that the latest lockdowns in the country will weigh on business going forward.The group reported total revenue of MYR817.9 million ($195 million), compared with MYR114.9 million in 2020. Revenue from the ... |
https://agbrief.com/news/malaysia/23/09/2021/malaysia-to-ease-travel-curbs-when-90-vaccination-target-hit/ | Malaysia to ease travel curbs when 90% vaccination target hit | -Malaysia is set to shed interstate travel restrictions once 90 percent of the adult population is fully vaccinated, Prime Minister Ismail Sabri Yaakob said in a statement on Wednesday.On Tuesday, Malaysian Tourism Minister Datuk Seri Nancy Shukri announced that Malaysia’s Resorts World Genting and two other tourism d... |
https://agbrief.com/news/malaysia/12/04/2022/rwlv-ramping-up-cash-flow-positive-from-opening-day-says-sibella/ | RWLV ramping up, cash-flow positive from opening day, says Sibella | -Genting’s Resorts World Las Vegas (RWLV) is seeing a ramp-up in occupancy and has been cash-flow positive since it opened last year despite the challenges brought by Covid, property president Scott Sibella said.Sibella was speaking in a videotaped address to ICE London’s International Casino Conference. He said Las Ve... |
https://agbrief.com/news/malaysia/10/07/2023/rgb-plans-to-sell-more-4000-gaming-machines-this-year/ | RGB plans to sell 4,000 gaming machines this year | -Datuk Seri Chuah Kim Seah said that Cambodia, Laos, Vietnam, Timor Leste, and the Philippines are the main market for the gaming machine business. Speaking to Malaysian media The Star, Chuah said the company is expecting to deliver half of the 4,000 machines by mid-year, and that in the same period the Malaysia-based ... |
https://agbrief.com/news/malaysia/19/11/2021/kedah-ban-on-gambling-will-only-send-industry-underground-minister/ | Kedah ban on gambling will only send industry underground: Minister | -Malaysian Human Resource Minister Datuk Seri M. Saravanan has warned that the shutting down of licensed gambling outlets in Kedah will lead to job losses and force the industry to go underground. The Kedah state on Sunday announced it is set to effectively ban all licensed gambling operators by not renewing licenses f... |
https://agbrief.com/news/malaysia/27/11/2020/genting-malaysia-losses-at-us182-million-in-q3/ | Genting Malaysia losses at US$182 million in Q3 | -Genting Malaysia recorded total revenues of over RM1.4 billion (US$354 million) in the third quarter of 2020, representing a 46 percent decline year-on-year. The group registered a net loss of RM726 million (US$182 million).Genting Berhad Malaysia Announces Results (release) |
https://agbrief.com/news/malaysia/15/01/2021/genting-permanently-closes-u-k-s-southport-casino/ | Genting permanently closes UK’s Southport casino | -Genting Malaysia’s UK unit has permanently closed its casino in Southport in Northwest England, with 38 staff facing redundancy. The group has already closed casinos in Margate, Torquay and Bristol and has reduced its workforce in London, Glasgow, Edinburgh, Blackpool and Birmingham.Genting permanently closes U.K. cas... |
https://agbrief.com/news/malaysia/27/04/2023/gentings-sale-of-miami-property-to-net-967-million-for-the-company/ | Genting’s sale of Miami property to net $967 million for the company | -According to a filing with the Malaysian Stock Exchange, the group notes that the group had entered into a ‘conditional sale and purchase agreement’ for the property, owned by its subsidiary Resorts World Miami, totaling 15.47 acres or, 673,691 square feet.The sale encompasses four land parcels, three under freehold –... |
https://agbrief.com/news/malaysia/05/07/2022/genting-malaysia-to-post-solid-recovery-in-2h22-hongleong/ | Genting Malaysia to post solid recovery in 2H22: Hong Leong | -The firm has a “buy” rating on the company and a share target price of MYR3.91. The company’s first-quarter results missed analysts’ expectations, mostly due to a mismatch between supply and demand, the bank said. The company was adding costs to open up the resort as demand fell due to the spread of the Omicron varian... |
https://agbrief.com/news/malaysia/19/04/2022/genting-malaysia-1q22-ebitda-to-grow-26-jpm/ | Genting Malaysia 1Q22 EBITDA to grow 26%: JPM | -Higher visitation and spending are expected to drive Genting Malaysia’s performance growth in 1Q22, with EBITDA pegged to grow 26 percent to RM450 million ($105.8 million). According to analysts at J.P. Morgan, the company’s flagship property, Resorts World Genting saw 4.8 million visitors in 4Q21, and spend/pax of RM... |
https://agbrief.com/news/malaysia/22/03/2021/imperative-for-empire-to-secure-financing-soon-nomura/ | Imperative for Empire to secure financing soon: Nomura | -Empire Resorts must secure financing at attractive rates soon if it is to turn profitable and avoid the need for a further capital injection from Genting, Nomura said in a research note.The firm said it has built in associate losses of MYR238 million into its forecasts for Genting Malaysia this year due to its share o... |
https://agbrief.com/news/malaysia/28/04/2021/genting-malaysia-theme-park-to-create-1500-jobs/ | Genting Malaysia theme park to create 1,500 jobs | -Genting Malaysia’s SkyWorlds outdoor theme park, which is scheduled to open later this year, is expected to create 1,500 jobs and provide a boost for the local economy.The delayed theme park is seen as a key plank in a grand overhaul of Resorts World Genting, Malaysia’s only integrated resort. The 10-year Genting Inte... |
https://agbrief.com/news/malaysia/06/12/2021/genting-restarts-star-cruises-operations-on-december-22/ | Genting restarts Star Cruises operations on December 22 | -Genting Cruise Lines has received approval to restart operation of its Star Cruises on December 22, 2021, starting with Star Pisces offering cruises from Penang.According to a statement from Genting, the Star Pisces will have five departures every week, offering one or two night round trip itineraries from Penang, inc... |
https://agbrief.com/news/malaysia/19/10/2020/no-new-casino-taxes-seen-in-malaysia/ | No new casino taxes seen in Malaysia | -The Malaysian government is unlikely to further hike casino taxes, as they are already among the highest in the region and the country’s only operator, Genting Malaysia, is suffering from the impact of Covid-19, RHB says.RHB doesn’t expect increase in casino duties/NFO tax (The Edge Markets) |
https://agbrief.com/news/malaysia/26/04/2023/resorts-world-gentings-recovery-depends-on-weather-conditions-says-maybank/ | Resorts World Genting’s recovery depends on weather conditions, says Maybank | -The report follows the devastating landslide in December 2022, nearby Genting Highlands, which claimed 31 lives, causing visitor arrivals to the resort to dip 10 percent in the last quarter of 2022 to 5.3 million.Maybank reported that the predicted decrease of visitor arrivals to RWG in January and February 2023 due t... |
https://agbrief.com/news/malaysia/25/09/2021/genting-malaysia-warns-about-online-survey-scam/ | Genting Malaysia warns about online survey scam | -Genting Malaysia is warning the public about an online survey scam said to be carried out in its name in conjunction with the group’s 25th anniversary.In a statement on its website, the operator said that Genting is “not involved or associated in any way with this online survey. Please do not click on the link and ref... |
https://agbrief.com/news/malaysia/27/11/2020/local-vips-buoy-gentings-malaysia-operations/ | Local VIPs buoy Genting’s Malaysia operations | -Behind the sea of red in Genting Malaysia’s Q3 results, analysts found reason for cheer in the performance of its domestic operations, which generated a positive EBITDA of RM541 million ($133 million) in the quarter.TA Securities analyst Tam Kan Meng said company executives on a conference call attributed the strength... |
https://agbrief.com/news/malaysia/18/01/2021/genting-malaysia-earnings-forecasts-cut-at-kenanga-on-lockdowns/ | Genting Malaysia earnings forecasts cut at Kenanga on lockdowns | -Genting Malaysia’s 2021 earnings estimates have been cut by 22 percent by analysts at Kenanga Research due to more Covid-19 lockdowns in Malaysia and the U.K.Kenanga lowers earnings forecasts for GentingM on more lockdowns (The Star) |
https://agbrief.com/news/malaysia/03/01/2022/genting-malaysia-to-return-to-profitability-in-2022-rhb-investment-bank/ | Genting Malaysia to return to profitability in 2022: RHB Investment Bank | -RHB Investment Bank says it expects Genting and Genting Malaysia to return to profitability in 2022, despite the potential downside risk from Omicron on earnings recovery. “Many countries are now better equipped and nimble in handling the pandemic. Coupled with the massive cost rationalisation efforts undertaken previ... |
https://agbrief.com/news/malaysia/30/09/2021/resorts-world-genting-reopens-with-limited-capacity-from-sept-30/ | Resorts World Genting reopens with limited capacity from Sept. 30 | -Genting Malaysia’s Resorts World Genting property has reopened on a limited basis from Sept. 30th.According to a message on its website, the resort’s employees are now fully vaccinated and some of the facilities will also only be available to those who have received both shots. It didn’t specify exactly which amenitie... |
https://agbrief.com/news/malaysia/14/07/2022/genting-malaysia-warns-of-imitation-online-websites/ | Genting Malaysia warns of imitation online websites | -In an advisory on the Resorts World Genting website, the company said it is not associated with these websites in any way.Genting Malaysia is Malaysia’s monopoly casino operator and also owns properties in the U.K., U.S., Bahamas and Egypt. The group has no online gambling presence in Asia, but does offer online casin... |
https://agbrief.com/news/malaysia/10/12/2020/malaysia-dubai-seen-as-potential-online-gambling-bases/ | Malaysia, Dubai seen as potential online gambling bases | -Malaysia and Dubai are both being viewed as potential bases for online gambling operations, as an alternative to the Philippines, where the cost of doing business has risen to a level considered as unacceptable by many operators. Speaking on an Asia Gaming Brief webinar, Cherry Interactive General Manager Danny Too sa... |
https://agbrief.com/news/malaysia/22/04/2021/malaysia-blocks-2195-online-gambling-sites-terminates-phone-lines/ | Malaysia blocks 2,195 online gambling sites, terminates phone lines | -The Malaysian Communications and Multimedia Commission said it has blocked 2,195 online gambling websites and terminated 19,765 telephone lines for sending spam SMS messages promoting gambling.The figures are up to March this year. The Malaysian government has been on campaign to crackdown on illegal gambling in the c... |
https://agbrief.com/news/malaysia/21/04/2021/gen-malaysia-seen-posting-loss-due-to-covid-restrictions-maybank/ | Gen. Malaysia seen posting loss due to Covid restrictions: Maybank | -Genting Malaysia is now expected to report a loss this year due to the ongoing disruptions from Covid, but the earnings recovery momentum is intact, Maybank Research said in a note maintaining its “buy” rating and increasing its target share price.The firm forecasts a core net loss for the year of MYR384.8 million ($9... |
https://agbrief.com/news/malaysia/21/01/2021/biden-may-be-positive-for-genting-tribal-investment-maybank/ | Biden may be positive for Genting tribal investment: Maybank | -The pro-native American stance of incoming U.S. President Joe Biden may be positive for Genting Malaysia’s investment in a Mashpee Wampanoag casino project, Maybank wrote in a research note.If their reservation land continues to be held in trust by the U.S. Department of Interior and they are allowed to resume constru... |
https://agbrief.com/news/malaysia/08/11/2021/genting-carrying-out-technical-rehearsals-on-theme-park-opening-seen-next-month/ | Genting carrying out technical rehearsals on theme park, opening seen next month | -Genting Malaysia has begun technical rehearsals at its SkyWorlds outdoor theme park and the opening is expected to take place next month, according to a local media report.In response to inquiries from, The Edge, a Genting spokesperson said the rides were currently open to employees and selected guests. The long-delay... |
https://agbrief.com/news/malaysia/08/03/2023/two-of-10-richest-billionaires-in-malaysia-from-gaming-industry/ | Two of 10 richest billionaires in Malaysia from gaming industry | -Before Forbes released its annual list of ‘Malaysia’s 50 Richest’ this year, local media reported that two of ten richest billionaires in Malaysia have businesses deeply related to gaming.According to Prestige, Dr Chen Lip Keong, owner of NagaCorp and Karambunai was classified as the 6th richest individual in the nati... |
https://agbrief.com/news/malaysia/09/11/2020/resorts-world-genting-open-despite-extension-of-movement-controls/ | Resorts World Genting open despite extension of movement controls | -Resorts World Genting say it remains open despite the extension of Conditional Movement Control Order until Dec. 6. The resort says anyone affected can either change dates or request a refund.Resorts World Genting open despite extension of movement controls (Company filing) |
https://agbrief.com/news/malaysia/24/02/2022/genting-malaysia-returns-to-4q21-profit-announces-special-dividend/ | Genting Malaysia returns to 4Q21 profit, announces special dividend | -Genting Malaysia returned to profit in 4Q21 as revenue surged following easing Covid restrictions and said it was paying a special dividend to shareholders.The Malaysian operator reported net profit of RM124 million ($29.5 million) compared with a loss of RM285.1 million in the same quarter a year earlier. There was a... |
https://agbrief.com/news/malaysia/18/11/2020/sarawak-police-claim-success-in-busting-online-gambling/ | Sarawak police claim success in busting online gambling | -The Sarawak Police Contingent has been declared by their colleagues as being particularly proficient in investigating and busting illegal online gambling rings.Sarawak cops one of the best at tackling online gambling (Borneo Post) |
https://agbrief.com/news/malaysia/17/02/2021/genting-reopens-malaysia-properties/ | Genting reopens Malaysia properties | -Genting Malaysia announced that Resorts World Genting and Resorts World Awana have resumed business after the group temporarily suspended operations at the resorts following the implementation of the Movement Control Order from January 22 to February 4. Resorts World Kijal and Resorts World Langkawi expected to resume... |
https://agbrief.com/news/malaysia/14/10/2020/resorts-world-genting-open-but-monitoring-latest-outbreak/ | Resorts World Genting open, but monitoring latest outbreak | -Resorts World Genting says it plans to remain open for now, but is closely monitoring the situation after the government imposed conditional movement control orders on Selangor, Kuala Lumpur and Putrajaya due to Covid-19. The areas are under restrictions from Oct. 14 to 27.Resorts World Genting company advisory |
https://agbrief.com/news/malaysia/22/12/2020/malaysia-dubai-eyed-as-potential-igaming-hosts/ | Malaysia, Dubai eyed as potential igaming hosts | -Speaking on an Asia Gaming Brief’s “Life After POGOs” webinar, Cherry Interactive General Manager Danny Too said both jurisdictions had emerged as potential hosts.“You can set up finance, operations, and can even do online marketing out of the Malaysian office, but the key thing is that you get the permission of the f... |
https://agbrief.com/news/malaysia/13/01/2021/resorts-world-genting-to-cut-capacity-as-covid-cases-rise/ | Resorts World Genting to cut capacity as Covid cases rise | -Resorts World Genting says its reducing its capacity, cutting its operating hours and closing some facilities due to anticipated lower visitor arrivals amongst Malaysia’s latest round of restrictions to curb rising Covid-19 cases.Temporary changes to offerings at Resorts World Genting (Company filing) |
https://agbrief.com/news/malaysia/25/07/2023/maybank-says-boost-in-malaysian-ringgit-bodes-well-for-genting-share-price/ | Maybank says boost in Malaysian Ringgit bodes well for Genting share price | -Cited by The Star, the analysts note that foreign nationals tend to buy Genting shares when the ringgit appreciates, selling when the reverse happens.The analysts are of the viewpoint that by the end of 2024, the ringer would recover to 4.15 per US dollar, expecting less interest-rate increases by the US Fed after thi... |
https://agbrief.com/news/malaysia/21/10/2020/malaysian-govt-losing-myr3b-a-year-to-illegal-syndicates/ | Malaysian government losing US$725 million a year to illegal syndicates | -The Malaysian government is losing up to MYR3 billion (US$725 million) a year in revenue as illegal gambling syndicates take an ever growing amount of business away from legal number forecast operators.Malaysia loses S$1b a year from illegal gambling syndicates (Straits Times) |
https://agbrief.com/news/malaysia/19/10/2020/online-gambling-suspect-slips-malaysia-police-custody/ | Online gambling suspect slips Malaysia police custody | -Police have launched a manhunt for a suspect in an online gambling syndicate who escaped custody by climbing over the fence at the Malaysian Anti-Corruption Commission headquarters. Meanwhile, a total of 21 people believed to be involved in illegal lottery, and online gambling were arrested by the Malaysian police in ... |
https://agbrief.com/news/malaysia/21/01/2021/resorts-world-genting-to-close-until-feb-4-on-covid/ | Resorts World Genting to close until February 4 on Covid | -Genting Malaysia’s Resorts World Genting said it will close up until February 4 due to movement control orders to stop the spread of Covid-19.Resorts World temporary closure (Company notice) |
https://agbrief.com/news/malaysia/15/12/2022/genting-malaysia-prime-beneficiary-of-tourism-recovery-brokerage/ | Genting Malaysia prime beneficiary of tourism recovery: brokerage | -“Under the new administration, the tourism segment may benefit as the government capitalises on the sector as a lever to support the domestic currency and economy,” Hong Leong Investment Bank noted.The brokerage believes that “visitations to RWG have the potential to scale beyond pre-pandemic level given the capacity ... |
https://agbrief.com/news/malaysia/20/10/2020/chinese-arrested-for-operating-online-gambling-in-malaysia/ | Chinese arrested for operating online gambling in Malaysia | -Forty-eight China nationals suspected of operating online gambling from three condominium units in Kuala Lumpur were arrested on October 16.Police nab 48 China nationals operating online gambling from condo in Ampang (Malay Mail) |
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