Outlook promising for Genting Malaysia despite recent challenges: Nomura
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The long-term prospects for Genting Malaysia look strong, according to Nomura research analysts, despite recording a net loss of MYR258.2 million in the three months to 31 December 2020.
Genting Malaysia’s 4Q20 results, released late Thursday, included a 57% year-on-year decline in revenues to MYR1.04 billion and a 69% fall in Adjusted EBITDA to MYR170.4 million due to property closures in Malaysia, the United States and the UK.
Adjusted EBITDA was not only down year-on-year but also 46% quarter-on-quarter due to a Movement Control Order put in place in October to prevent a second wave of COVID-19 from taking hold,
KUALA LUMPUR (Feb 9): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Feb 10) include: Sarawak Consolidated Industries Bhd, Mitrajaya Holdings Bhd, Top Glove Corp Bhd, Supermax Corp Bhd, Eonmetall Group Bhd, LKL International Bhd, Gets Global Bhd, Dialog Group Bhd, Berjaya Food Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Teo Seng Capital Bhd, Oriental Interest Bhd, Genting Malaysia Bhd, AirAsia Group Bhd, Sapura Energy Bhd and Scomi Energy Services Bhd.
Sarawak Consolidated Industries Bhd’s units have bagged contracts worth RM821.32 million in Malaysia and Qatar for engineering, procurement, construction and commissioning (EPCC) projects. The first contract is for an EPCC project in Kuching worth RM421.97 million for the proposed mixed development in the Muara Tuang Land District and part of River Bank reserve, with an expected duration of 108 months. The second contract is for an EPCC contract in Qatar worth US$98 millio
TOWN OF NEWBURGH - The casino operators who run Resorts World Catskills in Sullivan County plan to open a new gambling hall with video lottery terminals in part of the Newburgh Mall. That move would position what could be a major player in the gaming industry at the nexus of two interstate highways.
Resorts World has been authorized by the state since 2019 to open an Orange County facility to deploy electronic slot machines that previously were licensed at Monticello Raceway in Sullivan. The company initially scouted potential sites in the Harriman area, near another Thruway interchange, but shifted its attention to an existing commercial space about about a 20-minute drive north of Harriman.
Tax break for New York casinos is floated
Updated Feb 03, 2021;
Posted Feb 03, 2021
Del Lago Resort & Casino, located west of Syracuse, is seen in a file photo.Dennis Nett | dnett@ syracuse.com
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By Rick Karlin | Times Union, Albany
Albany, N.Y. New York’s four state-licensed casinos could seek a tax break this year but to do so they would have to prove they are suffering financially. And a consultant hired by the state believes they should have to explain what the casino operators would use the tax savings for.
The proposal for potential casino tax breaks is tucked deep in Gov. Andrew Cuomo’s 2021-22 budget plan. It calls for letting the rate fall to as low as 25 percent for slot machine revenue if casinos can explain their financial stability without the break and provide “a complete examination of all financial projections.”
William Hill
New York Betting Successes And Failures
New York Sports Betting Success
New York’s sportsbooks were never expected to do as well as states with online sports betting options. While sportsbook revenue continued to rise throughout the end of 2020, a few million is nothing compared to the hundreds of millions generated monthly in New Jersey.
However, Governor Andrew Cuomo had been outspokenly opposed to any form of legal sports betting, even after the US Supreme Court overturned PASPA in May 2018, a federal law prohibiting states from legalizing it.
Despite his opposition, retail sports betting launched in 2019 inside several Upstate New York casinos. That’s far better than nothing, but a far cry from resounding success.