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That's right, Vin Cullen. Instead of selling the land, the buyer will buy the 100% equity interest of RW Miami that owns the land. Once the deal is done, we will probably receive an announcement for the closing of the disposal from GenM to Bursa. Estimated net gain disposal of RM4.3 bil :)
The deal may have expired but these lands/assets will probably be subjected for sale again in future especially as part of the monetisation of assets to support future capex in US - particularly the full casino license bid
Cheng, although the rw miami land valuable.. But Is not easy to deal with.. Maybe need to wait for fed to slowly lower interest rate... And during this few years... Genm keep bought alot share and become largest shareholder in empire city.. Don't forget.. Empire city keep dragged down genm profit...
Before empire city.. Genm was a huge profit company.. and lim family salary non stop rising... keep declare special dividend.. DY higher than genting berhad alot
Give it another one to two fiscal years to see the results of Empire, VC. 180M losses in 2021, 130M losses in 2022 and 30M losses ctd for FY2023; gradual improvement if you will. From the business decisions perspective, there could be many reasons for the Empire - (1) assets strategic market presence; 40 mins drive from Hudson Valley, 1.5 hrs from New York City (2) future valuation; could be subjective until actual valuation is being done
