I raise the same question to you...

Let's think about it..

You and LKT are both shareholders in this company. One day LKT, who is the major shareholder comes out and tells you that he wants this company to buy his stake in his other company which is loss making.

Is this ok with you?

Yea. So much of pub stunt to reduce 20% pay.

Last last still selfish.

Really lah. The 3 generation curse.

Genting is famous for its RPT lah.

Calling them selfish or greedy is rather pointless. One should have known better and factored in this risk.

And here lies the other common risk. Whenever a big name stock falls, all the heroes dives in looking for gold....

Pbbank is falling too.
And yeah, the nonsensical 52 weeks low yardstick....

I believe tomorrow the price will be even drop to lower

Should I continue buy if it drop lower or I still hold my 10 units and wait miracle happen

If by thursday drop til 3.01 range end of the day, I will definitely buy more. If it falls somewhere lower than RM3, I would not take the risk as it may continue sink further.

Cut loss lo. Bo bien. Loss few thousand for nothing. Use that money go travel better. Hmm!

Travel anywhere but Genting right?

My expectation the price will going to drop further , crap, continue buy a bit to balance back to average price

buy for goreng la. dont long term this stupid stock.

Genting Malaysia defends Empire stake buy, says it’s 'worthwhile investment'

KUALA LUMPUR (Aug 15): Genting Malaysia Bhd (GenM) says its RM538 million related party transaction (RPT) in Empire Resorts Inc is deemed a “worthwhile investment”.

GenM said this in a filing today after Bursa Malaysia asked the gaming group to confirm or deny the contents of The Edge Financial Daily’s article on the RPT, published on Tuesday.

The group said Empire’s casino resort, Resorts World Catskills (RWC), located in Sullivan County, near New York City, is one of the newest and highest quality gaming assets in northeast US, with more than US$900 million invested.

“It is one of the closest gaming facilities to New York City offering live table games, including Baccarat and Blackjack,” the group said.

It added that RWC is part of development that includes the US$200 million Kartrite Resort, which the group described as “one of the most modern and state-of-the-art indoor waterpark developments” in the US, which boasts 324 new all-suite luxury rooms.

GenM added that it was in a unique position to take advantage of synergies between its existing Resorts World New York (RWNY) casino and RWC, thus providing the two casinos economies of scale, which will see costs reducing and earnings rising.

Furthermore, GenM said the group will be able to leverage the customer bases of both casinos to form a combined marketing approach that is expected to maximise gaming revenue while improving margins.

“RWC is in a favourable position to take advantage of the emerging Sports Wagering market in New York. Empire is opening an on-site sportsbook and is in a prime position in the eventuality of the enactment of mobile sports betting,” said GenM.

In addition, GenM said RWC has the opportunity to develop a video lottery facility in Orange County, New York, which is adjacent to Woodbury Commons — a premier outlet shopping mall.

“Successful execution of the proposed merger would place GenM in a position to more deeply access the New York market and provide both GenM and Empire the opportunity to compete more effectively in northeastern US region’s current competitive gaming landscape,” said GenM.

It added that the acquisition allows for Empire to complete its projects and embark “on a path to stability and growth for the benefit of all stakeholders”.

GenM bought a 46% stake in Empire from substantial shareholder and GenM chairman Tan Sri Lim Kok Thay for RM538 million, via Lim’s vehicle Kien Huat Realty III Ltd.

On Aug 9, Empire highlighted to shareholders via a filing on the US Securities and Exchange Commission (SEC) that it was mulling the option of filing for voluntary bankruptcy, thus making it easier to restructure its US$533.68 million pile of debt.

RWC’s revenue has not surpassed costs since its February 2018 opening, with Empire posting a US$73 million net loss for the six months ended June 30.

Shares in GenM closed four sen or 1.29% lower at RM3.07, valuing the group at RM18.23 billion.


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In another edge report its states that " The RPT does not need shareholders' approval."

Totally made for conflict of interest transactions!

if worthwhile investment why need buy the stake from the Lim Kok Tay?

can just issue more shares and buy news shares? why must the substantial shareholder divest and using GenM money



Management keep talk cock only

If good investment, the dude will not sell it to you lah! He is just fleecing Genting forever.

I think the buyout of Equanimity is just to satisfy new PH govt.

Perhaps. But, the new gambling tax still imposed and not cancelled by PH.
Maybe to cover up some bad dealings when BN was around.

Kahjahkah...
After so much backlash.. now comes out defense statement 🤣

Genting Malaysia may turn around Empire with its experience
https://www.theedgemarkets.com/article/gent...-its-experience

another "feel good" articles

lol!

Why didnt Genting acquire it right from the start instead??

This post has been edited by aspartame: Aug 23 2019, 08:00 PM

Good question...
Which only Genting can answer 😈

Alresdy not happy with the highest ceo compensation and now this super deal that is supposed to be “value accretive”..