Two subsidiaries of Malaysian gaming giant Genting Bhd could find themselves in competition for a Thai casino license after management revealed that both Genting Singapore and Genting Malaysia may bid.
In a Friday note following Genting Malaysia’s 4Q24 earnings call, Maybank Investment Bank analyst Samuel Yin Shao Yang confirmed that the company – which operates Malaysia’s Resorts World Genting, three casinos in New York and a handful in the UK – is interested in bidding for a Thai casino license and “may bid for a Thai casino license separately from sister company, Genting Singapore.”
Management is, IAG understands, of the belief that the two entities are related but operate as separate companies.
Genting Singapore, 52.7% owned by Genting Bhd, confirmed its interest in bidding for a Thai casino license last year and may be seen as having a greater chance than Genting Malaysia – 49.5% owned by Genting Bhd – given its better cash position.
Maybank on Friday cut its earnings estimates for Genting Malaysia by 25% for FY25 and 26% for FY26 after the company underperformed in Q4 on weak margins. It also cut dividends to 4 sen per share versus 9 sen per share a year earlier, with Maybank’s Yin commenting, “We understand that dividends were cut to prepare to expand but fear that investors will not take it kindly.”
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