Tag Archives: Malaysia
Malaysia – Genting warns of further impact on full year earnings
Increases in COVID-19 infections will hamper Genting Malaysia’s fourth quarter revenue in Malaysia, the UK and the US after a recovery of sorts and a narrowing of losses in the three months to September 30. Local demand at its flagship Resorts World Genting in Malaysia helped drive revenue of RM1,416.9m, representing 54 per cent of…
Malaysia – Alphonic Technology signs service partnership with ITL in Southeast Asia
Innovative Technology has established a service partnership with Alphonic Technology, a trusted provider of reliable automated cash handling solutions based in Kuala Lumpur, Malaysia. Alphonic Technology service and repair cash validation machines for various industries such as Amusement, Transportation, Gaming and Retail & Kiosk. Kravitz Liew, Business Development Manager for Southeast Asia, said: “We have…
Malaysia: tax, licence and duty hikes add to operator pressure
Malaysia is one of the most financially robust regions in Southeast Asia after becoming a free nation in the 1950s. With a large Muslim religion base there are strict gambling laws and the Common Gaming Houses Act and the Betting Act of 1953 banned betting houses. Lotteries are permitted and the Racing Act of 1951…
Malaysia – Maybank predicts 70 per cent fall in EBIDTA for Genting Bhd
Maybank IR Research analyst Samuel Yin Shao Yang believes that the fall off in visitation to Resorts World Sentosa and Resorts World Genting could hit Genting Bhd’s EBIDTA by up to 70 per cent in 2020. The Singapore and Malaysia properties generate between 80 per cent and 90 per cent of Genting Bhd group earnings…
Malaysia – Domestic tourism driving return to form for Genting in Malaysia
Nomura research analysts believe Genting Malaysia will see a bounce back in its EBITDA from the fourth quarter of 2020, thanks to a recovery in domestic tourism boosting visitation at its hilltop Malaysian casino Resorts World Genting. It highlights that Resorts World Genting is showing strong signs of recovery already with up to 40,000 visitors…
Malaysia – Genting records a loss of RM900.42m for its second quarter
Genting Malaysia Bhd (GENM) generated a net loss of RM900.42m for its second quarter ending June 30, 2020, due to the closure of its resort casinos since mid-March due to the coronavirus pandemic, and redundancy costs of RM71.5m. The loss was more than double the RM417.96m net loss reported for the preceding quarter. Revenue came…
Malaysia – Malayisa looks to tempt online companies from the Philippines
Malaysia is set to offer incentives to online operators looking to relocate from the Philippines. Philippine Amusement and Gaming Corp (PAGCOR) Chair Andrea Domingo to the Office of the President, said Malaysia is offering a ten-year tax moratorium on condition that at least 30 per cent of the work force are from the country. Several…
Malaysia – RGB reports a 47 per cent fall in profit
Malaysia gaming equipment supplier RGB International saw a 47 per cent fall in profit to MYR3.7m (US$863,500) for the three months to 31 March 2020, due in main to the coronavirus pandemic. The company manufacturers electronic gaming mac. It has staff in Malaysia, Cambodia, the Philippines, Macau, Singapore, Lao, Vietnam, Timor-Leste and Nepal. The fall…
Malaysia – Resorts World Genting to reopen Malaysian resort casino
Resorts World Genting (RWG), the mountain top resort casino in Malaysia, will reopen at 10am on Friday, 19 June 2020 with enhanced safety measures in place to ensure the health and safety of all guests and employees. Due to limited capacity, entry into SkyCasino at SkyAvenue and Genting Club at Genting Grand Hotel will be…
