News Update

 

¨            Genting Malaysia has unveiled a master plan for its US$3bn Resorts World Miami (RWM) which boasts a series of four hotels with a total 5,200 rooms and two residential towers featuring 1,000 units, encompassing approximately 10m sq ft of space.

A casino will be included if Florida's legislature and governor approve destination resort legislation.

Genting M’sia reveals plans for Miami resort

KUALA LUMPUR

The project, known as Resorts World Miami, will include four hotels, two residential towers and a 3.6-acre rooftop lagoon, on land it agreed to buy from Miami Herald publisher McClatchy in May, the Kuala Lumpur-based company said.

A casino will be included if Florida’s legislature and governor approve, Genting Malaysia said.

The new Miami resort will cover 30 acres of land overlooking Biscayne Bay, comprising both the Miami Herald site and adjacent Omni Center, for which Genting Malaysia said it had acquired all outstanding mortgages. The project will also include a convention centre, nightclubs and the largest ballroom in the United States, it said.

Genting Malaysia, which has operated Malaysia’s only gaming resort on a hilltop since 1968, has been seeking opportunities to break into the US market.

Its Resorts World Casino New York City development is nearing completion on the Aqueduct Racetrack.

It is already the largest casino operator in the United Kingdom.

Genting Malaysia is 47-per cent owned by Kuala Lumpur-based Genting Bhd, which is also the parent company of Genting Singapore, which runs the Resorts World Singapore gaming resort.— Casino operator Genting Malaysia yesterday unveiled plans for its proposed US$3 billion (S$3.7 billion) bayfront resort on land currently housing the Miami Herald Media’s headquarters.

Genting Malaysia: Stronger Malaysia – No more novelty effect in Singapore?                  Outperform

 

2QFY11 Results / Briefing Note

 

¨            1HFY11 core net profit was in line with our but below consensus expectations, making up 51.3% of our FY11 projections and 45% of consensus projections.

 

Genting Malaysia:

Gets nod for US$4bn Vietnam project                                                                                                              Outperform

 

News Update

 

¨            According to a media report, the Genting group and its Vietnam partner, Vina Capital have obtained the Vietnam government’s permission to reclaim 1,555ha of land in the Thang Binh district, paving the way for a US$4bn (RM12bn) recreational resort project with gaming facilities for foreigners. They have been given 12 months to reclaim the area (which is in the Chu Lai Economic Zone, about 70km south of Hoi An City). The project will have five-star hotels, resort villas and up to 2,500 houses for sale or rent. Although the report did not mention which Genting entity would be involved in the project, we believe Genting Malaysia (GM), may be involved as it was believed to be in talks with a partner to explore opportunities in Vietnam.

 

Saturday June 25, 2011

Genting HK to raise RM600mil bonds

Genting Malaysia:                                                     

News Update

¨            Genting New York company official said that Resorts World New York is looking to open on 1 Oct 2011.

According to the official, the video lottery terminals at GNY are expected to rake in US$380/machine/day. In addition, the racino was originally scheduled to have 4,525 slot-like video lottery terminals, but will now have an additional 475 electronic table games such as roulette, bringing the total number to 5,000.

¨            Our forecasts are unchanged, but we have raised our SOP-based fair value to RM4.60 (from RM4.40). However, that our DCF value for GNY has assumed a more conservative GGR of US$330/machine/day. We maintain our Outperform call on the stock.