{"id":115768,"date":"2019-09-26T01:00:09","date_gmt":"2019-09-26T08:00:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=115768"},"modified":"2019-09-26T10:43:21","modified_gmt":"2019-09-26T17:43:21","slug":"genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/","title":{"rendered":"Genting Malaysia Could Operate Resorts World Las Vegas, Unlock Value From Other US Assets, Says Investment Bank"},"content":{"rendered":"

Genting Malaysia could be chosen to operate Resorts World Las Vegas when that venue opens on the northern end of the Strip next year, a move that could boost the gaming company’s sagging share price, according to analysts.<\/p>\n

\"\"
Genting Malaysia’s stock is struggling, and one bank has an array of ideas on how to fix that. (Image: Travel Moments)<\/figcaption><\/figure>\n

Genting Berhad, which runs Resorts World properties<\/a> in Malaysia, Singapore, New York, and the Bahamas, is the owner of the multi-billion Sin City venture, and has not yet announced an operator. That company is a sprawling conglomerate with interests across multiple industries and five publicly traded entities, of which Genting Malaysia is one.<\/p>\n

Although Genting Berhad is the owner of Resort World Las Vegas, we believe that there is a possibility that Genting Malaysia could play a role in the casino once it is completed, most likely as an operator of the casino,\u201d said Affin Hwang Capital, a Malaysian investment bank, in a recent research note.<\/p><\/blockquote>\n

Analysts at the bank believe Genting Malaysia being selected to operate Resorts World Las Vegas would be one step toward the company increasing shareholder value, which has suffered in the 10 months since Malaysian Finance Minister Lim Guan Eng surprisingly announced a 10 percent increase<\/a> on gaming licenses there.<\/p>\n

Other Ideas<\/h2>\n

Affin Hwang analysts proposed other ideas for how the flailing Malaysian gaming company could boost investor returns, including a step involving the financially troubled Resorts World Catskills in upstate New York.<\/p>\n

\n

Last month, majority control of that property was sold to Lim Kok Thay\u2019s family trust and Genting Berhad just 18 months after the venue opened. The parent company, Empire Resorts, had its shares pulled from the NASDAQ as a result of the privatization<\/a>.<\/p>\n<\/div>\n

Under the terms of that agreement, Kien Huat Realty, Thay’s family trust, owns 51 percent and Genting owns 49 percent.<\/p>\n

\u201cWe estimate the total cost to Genting Malaysia to acquire a stake from Kien Huat Realty III Ltd and form a joint venture to privatize Empire Resorts Inc. for a 49% stake at $167.5 million,\u201d said Affin Hwang. \u201cWe believe that monetizing RWC can help reduce some of the overhang on Genting Malaysia, as the acquisition of the loss-making casino is from a related party.\u201d<\/p>\n

Based on a compound annual growth rate of 7.3 percent, the bank believes Genting Malaysia can reach break-even earnings before interest, taxes, depreciation and amortization (EBITDA) by 2023<\/strong>.<\/p>\n

Ambitious Pitch<\/h2>\n

Affin Hwang sees an avenue where Resorts World Catskills can be combined with Resorts World Casino in Jamaica, N.Y., near Manhattan, to create value for shareholders.<\/p>\n

The bank suggests that the operator combine those assets with a yet-to-be-opened Miami property. Genting Malaysia acquired 30 acres of land it paid $236 million<\/a> for in 2011, but Florida laws haven’t changed, preventing a commercial casino from opening at that location.<\/p>\n

Affin Hwang believes investors would benefit from adding Resorts World Bimini Resort and Marina, the company’s Bahamas property, into the mix with the Empire State venues and the proposed Miami casino to form a new US-listed entity.<\/p>\n

\u201cCertainly, there is more upside if Genting Malaysia is able to obtain a gaming license in Miami. We believe the assets could be worth as much as $1.5 billion to $1.9 billion in 2025,\u201d said the ban<\/strong>k.<\/p>\n

Affin Hwang has a \u201chold\u201d rating on Genting Malaysia stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Malaysia could be chosen to operate Resorts World Las Vegas when that venue opens on the northern end of the Strip next year, a move that could boost the gaming company’s sagging share price, according to analysts. Genting Berhad, which runs Resorts World properties in Malaysia, Singapore, New York, and the Bahamas, is the […]<\/p>\n","protected":false},"author":46,"featured_media":115772,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,1],"tags":[],"acf":[],"yoast_head":"\nGenting Malaysia Could Win in Las Vegas, Helping Boost Its Shares<\/title>\n<meta name=\"description\" content=\"Scoring a coup at Resorts World Las Vegas and monetizing other US assets could help Genting Malaysia boost its sagging stock price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting Malaysia Could Win in Las Vegas, Helping Boost Its Shares\" \/>\n<meta property=\"og:description\" content=\"Scoring a coup at Resorts World Las Vegas and monetizing other US assets could help Genting Malaysia boost its sagging stock price.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-26T08:00:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-26T17:43:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/gent.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2240\" \/>\n\t<meta property=\"og:image:height\" content=\"1669\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/\",\"url\":\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/\",\"name\":\"Genting Malaysia Could Win in Las Vegas, Helping Boost Its Shares\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/gent.jpg\",\"datePublished\":\"2019-09-26T08:00:09+00:00\",\"dateModified\":\"2019-09-26T17:43:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Scoring a coup at Resorts World Las Vegas and monetizing other US assets could help Genting Malaysia boost its sagging stock price.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-malaysia-could-win-in-las-vegas-helping-boost-its-shares\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/gent.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/gent.jpg\",\"width\":2240,\"height\":1669,\"caption\":\"Genting Malaysia's stock is struggling and one bank has an array of ideas on how to fix that. 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