Genting Malaysia

Re: Genting Malaysia

Postby winston » Sat Dec 01, 2018 8:33 am

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Genting Malaysia posts Q3 net loss of RM1.49b on impairments

by Joseph Chin

The RM1.49bil net loss was in contrast with the net profit of RM193.77mil a year ago.

It recorded a 15% growth in total revenue to RM2.598bil from RM2.269bil.

The adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased significantly by 86% to RM814.8mil. However, the group registered loss before tax of RM1,267.1mil.

GentM said the Malaysian leisure and hospitality business recorded higher revenue by 26% to RM1.704bil while adjusted EBITDA improved by 91% to RM641.2mil.


Source: The Star

https://www.thestar.com.my/business/bus ... 4PQh3lZ.99
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Re: Genting Malaysia

Postby winston » Sat Dec 01, 2018 10:00 am

Genting Malaysia suffers largest ever quarterly loss of RM1.49 billion and RM1.8 billion impairment

by Chester Tay

Cumulative revenue for 9MFY18 grew 9.35% to RM7.42 billion from RM6.79 billion in 9MFY17.


Source: The Edge

http://www.theedgemarkets.com/article/g ... 18-billion
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Re: Genting Malaysia

Postby winston » Tue Dec 04, 2018 8:09 am

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GentingM 9M core net profit within forecast, TP reduced

KUALA LUMPUR: Genting Malaysia’s (GENM) nine months core net profit at 72% of full-year forecasts was within the market’s and CIMB Equities Research’s expectations as it projects a stronger 4Q.

It said on Monday the company was hit by a RM1,896m impairment for the Mashpee Wampanoag Tribe promissory notes.

“Maintain Hold; TP falls from RM3.25 to RM2.92,” it said.

GENM’s 9M18 revenue was up 9.4% on-year at RM7,420mil, driven by strong domestic revenue growth, but it turned in a 9M18 net loss of RM843.7m.

The net loss was mainly due to a RM1,896m impairment on the group’s investment in the promissory notes issued by the Native American Mashpee tribe for the development of an integrated gaming resort in the US on a piece of tribal land.

However, CIMB Research said the 9M18 core net profit was up 57.7% on-year at RM1,148m, mainly due to higher VIP arrivals.

“What was also a major disappointment to us was that management did not provide any guidance at all on the 20th Century Fox World outdoor theme park (slated to open in mid-2019) following news the company sued Disney and 21st Century Fox for more than US$1bn (RM4.2bn).

“This is negative for the share price, at least in our view. However, the new indoor theme park is targeted to open in December,” it said.

The Malaysian domestic operations grew 8.3% on-year to RM4,821m, mainly due to higher gaming revenue. The VIP gaming market grew faster than the mass market.

9M18 VIP revenue was 44% of domestic gaming revenue compared to 39% in 9M17. Domestic gaming revenue was 65% of the group's total gaming revenue.

Its 3Q18 gaming VIP and mass market revenue was up 11% and 5% on-year, respectively.

CIMB Research said GENM’s visitor arrivals inched up 2% on-year in 3Q18, a disappointment compared to 1H18’s 21% on-year growth. On average, 72% of the visitor arrivals were day-trippers, in line with our expectations.

“Average room rates were only up 2% on-year in 3Q18 compared to 15% on-year in 1H18 while China visitor arrivals rose 33% on-year to 150,000 compared to China and Indonesia’s 46% on-year rise in 2Q18. The slower visitor growth could become a concern.

“We cut FY18-20F EPS by 1.6-12% to reflect likely slower tourist arrivals with the likely delay in the opening of the new theme park. Our TP falls from RM3.25 to RM2.92 as we input a 10% discount to RNAV to reflect possibly further provision in the near future.

“The stock remains a Hold. A re-rating catalyst is the opening of the new theme park in 2019 while a de-rating catalyst is the theme park failing to open in 2019. Long-term charts show strong support for the stock at RM2.85 and RM2.20,” CIMB Research said.

Source: The Star

https://www.thestar.com.my/business/bus ... RmyEVli.99
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Re: Genting Malaysia

Postby winston » Thu Dec 06, 2018 6:57 am

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Star Wars attraction to open at Genting Highlands' new indoor theme park

BY AMIR YUSOF

The “Star Wars: Secrets of the empire” virtual reality experience allows visitors to put themselves in the shoes of rebel forces fighting the dark side.

The attraction, which is part of Resort World Genting’s new indoor theme park Skytropolis Funland, will be open to the public from Thursday (Dec 6).

It was built by The Void, a company which has developed virtual reality entertainment centres in New York’s Madame Tussauds and Anaheim’s Downtown Disney.

The Void will be the first in Asia and its key Star Wars feature is set to be the jewel in the crown.


Besides Star Wars, The Void in Genting is also set to feature experiences which are based on blockbuster film Ghostbusters and Walt Disney’s cartoon Wreck-it Ralph.

Each ticket for the rides costs RM130 (US$31.31) each.

While The Void opens on Thursday, Resort World Genting’s Skytropolis Funland theme park will open to the public on Saturday (Dec 8).

The park will feature new attractions such as Sky Towers, a drop tower attraction, Spin Crazy, a pendulum ride and Balloon Race, a swing ride.

Genting Highland’s famous roller coaster which was previously outdoors – Superman – will also now feature in Skytropolis Funland but it is expected to open only in the first quarter of 2019.

The attractions are all currently pay-per-ride and visitors will have to fork out RM15 for each one, but Resorts World Genting said it is looking to offer day-pass packages in the future.

The 20th Century Fox theme park – which was set to feature rides based on blockbusters such as Ice Age, Life of Pi and Night at the Museum - was slated to open in end-2019.


Source: CNA

https://cnalifestyle.channelnewsasia.co ... k-10999798
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Re: Genting Malaysia

Postby winston » Wed Dec 12, 2018 8:36 am

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Genting's ratings unaffected despite termination of outdoor theme park, says RAM

It envisaged GenM’s net gearing ratio and net funds from operations debt cover (FFODC) to weaken in fiscal 2019, albeit still within its rating thresholds of a respective 0.25 and 0.40 times.

GenM had swiftly announced certain revisions to the benefits under its rewards programme, which will take effect on Jan 1, 2019.

“We expect GenM’s actual capex to be considerably lower than the earlier projected RM8.5bil for fiscal 2018–2020”.

Its RM2bil MTN Programme (2012/2032) and RM1.60bil MTN Programme (2009/2024) - issued by 100%-held subsidiaries Genting Capital Berhad and GB Services Bhd, respectively - are rated AAA(s)/Stable.



Source: The Star

https://www.thestar.com.my/business/bus ... GLxWwM5.99
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Re: Genting Malaysia

Postby winston » Wed Dec 12, 2018 8:36 am

not vested

Genting's ratings unaffected despite termination of outdoor theme park, says RAM

It envisaged GenM’s net gearing ratio and net funds from operations debt cover (FFODC) to weaken in fiscal 2019, albeit still within its rating thresholds of a respective 0.25 and 0.40 times.

GenM had swiftly announced certain revisions to the benefits under its rewards programme, which will take effect on Jan 1, 2019.

“We expect GenM’s actual capex to be considerably lower than the earlier projected RM8.5bil for fiscal 2018–2020”.

Its RM2bil MTN Programme (2012/2032) and RM1.60bil MTN Programme (2009/2024) - issued by 100%-held subsidiaries Genting Capital Berhad and GB Services Bhd, respectively - are rated AAA(s)/Stable.



Source: The Star

https://www.thestar.com.my/business/bus ... GLxWwM5.99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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