Maybank Investment Bank has cut its earnings estimates for Genting Malaysia after learning that the company has no immediate plans to reopen two of the three casino floors at its flagship integrated resort, Resorts World Genting (RWG).

Genting Malaysia revealed its surprise plans – or lack thereof – during an earnings call with analysts last week, stating that it would only reopen the Circus Palace and Hollywood mass gaming floors if there was sufficient demand.

The casinos were shuttered suddenly in February with the company later clarifying that it planned to undergo upgrade works on them before reopening. However, sources have told IAG that there appears to have been “minimal renovation” done.

In a research note following release of Genting Malaysia’s 3Q24 financial results late last week, Maybank’s Samuel Yin Shao Yang said he was “surprised” that Genting had “yet to disclose concrete plans to reopen the Circus Palace and Hollywood mass gaming floors, which were closed in February 2024 citing uncertain demand. We had expected both gaming floors to reopen around now to capitalise on the year-end holidays.”

The analyst has also slashed his long-term earnings estimates for Genting Malaysia by up to 21% and cut RWG mass market GGR by 25% on a full year basis to account for the continued closure of the Circus Palace and Hollywood mass gaming floors.

Net impact, he said, is to cut his FY24 net profit estimates by 5% to MYR1.35 billion, FY25 estimates by 21% to MYR1.67 billion and FY26 estimates by 20% to MYR1.88 billion.

Genting Malaysia last week reported flat year-on-year GGR in Malaysia but a 13% decline in Adjusted EBITDA to MYR493.4 million (US$111 million) on higher payroll and casino operating costs.

Yin said he expects Q4 EBITDA to be slightly better due to the year-end holidays.

https://asgam.com/2024/12/01/genting-says-n...-casino-floors/

No wonder share price also drop below Rm3.80

All the customer base 100% sure the odds are rigged. Boomer don't trust digital.

Also now no more treats for gambler. Last time can eat steak and free flow drinks. Free room. Now nothing unless u can gambler few hundred k away first.

Kaki judi boikot?

Few hundred ks also wont look at u if u r msian. They will only lick n suk u if u r foreigners. Its open secret amongst regular. And sometimes it was so obvious. E.g table close msian ask wat time open the manager fk u n said can wait wait cannot go away play others. Sgean/ccp ask..okok i check for u eh not now open dun worry i ask open now for u

Younger generation getting smarter. They know betting against the house is stupid.

so many casino around now, still genting ?

better bet on crypto than casino lol

sold off all the 3182 i had some years ago, modest profit

On a slight tangent, which may have some bearing on Genting M'sia's current decline, I spoke to 2 toto shop owners recently. Both said ticket sales for 6/58 (the jackpot was nearing RM50mil when I spoke to them) aren't reaching the frenzied levels of 2022 when the jackpot had surpassed RM50mil. Maybe there is a pessimistic downtrend in gambling due to higher costs of living and economic uncertainties. Normally people would gamble more when times get tougher.

Low keras casino still wanna act langsi. Lu langsi lu mati pandan mukak. I rather go marina bay sands all in

I think lost market to underground gambling

Now all using apps to.
Genting apps still don’t have features

This post has been edited by Mr.Robert: Dec 1 2024, 12:43 PM

yes that could be a contributory cause as well.

Genting should learn how to target marketing at Ukeke

Genting KNOWS that physical casinos are not worth anymore. Hence their venture to "online".... less costs involved.....

Crypto the new gambling

all gambling in Singapore.
Thailand casino open next year. gg

genting should start sport betting sure make $$$$

All in
If win, all in again

If lose, borrow double to all in

Btw all do with app, who still naik genting these days?

I no eye see holding since 4.40. Luckily ade cut down

Shifting to US market
Here untung pon tak cukop kasi

This post has been edited by jojolicia: Dec 1 2024, 01:54 PM