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Genting Malaysia touted as potential casino operator of US$4 billion Resorts World Las Vegas

Newsdesk by Newsdesk
Thu 26 Sep 2019 at 07:09
Genting to make design changes to Resorts World Las Vegas under Wynn Resorts settlement
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Genting Malaysia has been linked to a potential role as casino operator at parent company Genting Group’s US$4 billion Resorts World Las Vegas.

According to a report by The Edge Markets, such a move is one of a number of possible initiatives that could be undertaken by Genting Group to add value to Genting Malaysia’s share price, which has performed poorly in the 10 months since Malaysian Finance Minister Lim Guan Eng revealed substantial increases to the annual casino license fee and GGR tax imposed on the operation of its flagship Malaysian IR, Resorts World Genting.

“Although Genting Berhad is the owner of Resort World Las Vegas, we believe there is a possibility that Genting Malaysia could play a role in the casino once it is completed, most likely as an operator of the casino,” the financial group’s analysts suggest.

Resorts World Las Vegas, currently being developed on a plot of land on the northern end of the Las Vegas Strip, is due to open in late 2020.

Other possible initiatives put forward to bolster Genting Malaysia include listing its US assets, namely Resorts World New York, Resorts World Bimini and the recently acquired Resorts World Catskills (RWC).

On the latter, The Edge Markets puts the total cost of acquiring a stake in RWC as part of the company’s complicated privatization deal with Kien Huat Realty III Ltd – the family trust of Genting Chairman Lim Kok Thay – at US$167.5 million with another US$200 million equity injection looming to refinance debt.

As such, turning around RWC looms as the first step in addressing the issue of Genting Malaysia’s slumping shares.

“We believe that a listing is feasible in the mid-to long term, as monetization of these assets would not only help reduce negative perception on the company with regard to its related party transactions, but also reward shareholders with a special dividend payout,” it said.

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Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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