Interim Dividend of 4.3 sen less 25% tax per ordinary share of RM0.10 each

EX-date 26/09/2013
Entitlement date 30/09/2013
Payment date 22/10/2013

Genting Malaysia dimmed by New York casino vote

The outcome of the recent voting in New York on casino expansion has proved unexciting for Genting Malaysia Bhd (GENM) in the near future.

According to Alliance Research today, New York voters recently approved a constitutional amendment to expand casino gambling but the amendment requires that the first four new casinos be permitted only upstate.

The next three casinos may be allowed in New York City, but only after seven years.

“Although we view the developments positively, signalling further gaming liberalisation in New York, we believe that GENM is unlikely to bid for the casino licences in upstate New York given its unattractive location.

“Nonetheless, we believe that the amended legislative framework has spelt out the time frame of seven years to set up the next three casinos in New York City and assured Resorts World New York’s status as sole casino operator in Queens for the next seven years,” said Alliance Research in a just-released report.

The research house said it is maintaining “Neutral” with unchanged target price of RM4.53 for GENM.

Genting Malaysia in Miami casino JV plan

Genting Malaysia Bhd plans to set up a casino at the Resorts World Omni Center in Miami, Florida under a joint venture with several parties in the US.

It said on Thursday its indirect unit Resorts World Omni LLC had signed an agreement with Gulfstream Park Racing Association Inc. -- the owner and operator of Gulfstream Park Racetrack and Casino -- Gulfstream Park Thoroughbred After Racing Program Inc. (GPTARP), The Florida Horsemen’s Benevolent & Protective Association Inc. and the Florida Thoroughbred Breeders’ Association Inc.

“The partnership is the initial step towards enabling Genting Malaysia to create a leisure and entertainment resort, which includes a gaming facility with 2,000 slot machines in Miami, Florida,” it said.

Under the partnership, GPTARP would apply to relocate its non-profit thoroughbred permit and for the issuance of necessary licences to operate slot machines, card room, pari-mutuel simulcast and intertrack wagering by the Partnership at Resorts World Omni Center.

“The agreement is to be completed upon the receipt of all requisite approvals, including the relocation of the permit and issuance of corresponding licenses,” it said.

In the US, Genting Malaysia operates Resorts World Casino New York City, a video lottery facility at the Aqueduct Racetrack in New York City.

It said the Resorts World Casino New York City was the first such facility located in the city and presented a premier entertainment hub providing the ultimate gaming and entertainment experience, with approximately 5,000 gaming machines, shows, events and culinary delights.