Possible Revival Of Two Casino Projects In US Means Well For Genting Malaysia

Best online casino USA

Following the possible continuation of two crucial casino projects in the US, Maybank Investment Bank commented in a note published on September 10 that they “could raise Genting Malaysia’s long-term earnings estimates by as much as 74%.”

Continuation of two casino projects:

As initially reported by local news and then by IAG, the New York State Gaming Commission (NYSGC) has restarted the Request for Applications (RFA) process for the granting of 3 downstate casino licenses, with Genting Malaysia regarded as a frontrunner for 2 of three casino licenses, to extend its Resorts World New York City (RWNYC) facility by putting table games to its offering. If that happens, RWNYC’s underlying net income could rise to MYR610 million, which is approximately US$130 million, said Samuel Yin Shao Yang, Maybank IB.

However, that’s not all; as the Mashpee Wampanoag tribe has also officially appealed for a meeting with the Taunton City Council to talk about the possible revival of the First Light Resort & Casino property located in Massachusetts.

Cancellation of investment:

Best online casino USA

During April 2016, Genting Malaysia “subscribed to interest-bearing promissory notes“ issued by the said tribe to assist with funding the construction of the aforementioned project. In this regard, it financed US$426.3 million, but it was agreed that it would be paid interest of 12-18% per year and that it would operate the casino business for minimum of 7 years for 30% EBIT.

But it didn’t worked out; as the firm was coerced to cancel its investment as an “impairment loss“ during 2018 following the decision of the US Department of Interior (DOI) that the “Mashpee Wampanoag Tribe could not develop its planned casino because it did not satisfy the conditions under the Indian Reorganization Act that allow the Tribe to have the land in trust for an integrated gaming resort development.” In addition, Genting also lost nearly $62 million annually in interests payments.

  Australian Lottery Corporation Seeks Exemption From Potential Credit Card Ban

Nevertheless, if the aforementioned notes are rewritten, Yin commented that the underlying estimates of Maybank IB’s core net income will increase by about MYR180, which is roughly US$38.5 million per year. On that note, he wrote: “Should both catalysts materialise under a ‘blue sky’ scenario, our long-term earnings (FY25) estimates could be lifted by 74% and DCF-TP could be raised by 31% to MYR3.62. The ‘blue sky’ Target Price implies attractive upside potential of 40%.” Additionally, Yin sustained a “BUY” rating on Genting Malasyia stake, which at the moment stands at MYR2.59.

About:

Established and officially launched in 1980, Genting Malaysia Berhad is headquartered in Malaysia. It underwent a restructuring resulting in Resorts World Bhd taking over from Genting Group its entire gaming, hotel and resort operations, including goodwill and other important assets. It now manages everything at Genting Highlands except First World Hotel and First World Plaza which are owned by First World Hotel & Resort Sdn Bhd.

The resort includes 10,500 rooms in a total of seven distinct hotels, a wide range of leisure and entertainment facilities, involving gaming, theme park and amusement attractions, dining and retail outlets and international shows and business convention facilities. Resorts World Genting Resorts World Genting is located within the Titiwangsa Mountains on the border between the states of Pahang and Selangor of Malaysia in an area known as Genting Highlands.

An online casino in the USA is a virtual platform that allows individuals to engage in various casino games over the internet. These games often mimic the experience of traditional brick-and-mortar casinos, offering a range of options such as slots, table games, card games, and more. Players can access these online casinos from the comfort of their homes using computers, smartphones, or other devices with an internet connection.

  Relax Gaming and Stakelogic Partners For The Innovative Super Wheel™ Feature Launch

When choosing an online casino in the USA, players should consider factors such as licensing, security, game variety, payment options, and customer support. Reputable online casinos are licensed and regulated by recognized authorities, employ secure encryption methods to protect user data, and offer a fair and transparent gaming experience.

As the online gambling landscape can change, it's advisable to check the current legal status of online gambling in your state and review the specific terms and conditions of any online casino you are considering. Additionally, practicing responsible gambling is essential to ensure a safe and enjoyable experience.

Leave a Reply

Back to top