the assumption that i was using last year before initiating position at 2.45 is based on 15 cents dividend, tp 3.00 per IB's target and 15% rate of returns. Since then, I have not encountered any situation whereby the share price is lower than 2.45 while a total of 15 cents dividend have been paid out so far.

As Is - I am waiting for opportunity to add at 2.50 and lower if it is available. This is also using the similar approach but updated with latest IB's average TP of 3.35 instead of last year average TP of 3.00 and another 15 cents to be collected in FY24. By then, market should start to price in the outcome of RWNYC results which is expected to be announced by next year while bidding submission is expected 2nd half of this year; as early as Aug'24 based on the approved bill S9673. While we do not have visibility on changes to dividend payout, we can manage the risk accordingly :) A reduction in dividend payout leads to lower intrinsic value and hence, keeping your average price near to 2.45 is good enough.

foreign abang and local abang will sell if dividend is reduced at the back of earnings recovery. Why would abang invest their money in GenM if the yield is lower when Malaysia10Y government bond yield is ~3.9%++ :) So, if GenM yield is lower than 4%, it is no longer attractive for investment.

One more week to go for quarter end rebalancing and foreign abang should have been done with their rebalancing. Net short positions remained at 15M+ which is a two months low. Foreign funds/institutions are pretty quiet this week. They are probably busy with quadruple witching in US :)

Experts at City & State’s inaugural “Who’s who in casinos and sports betting” event suggested New York on its revenue streams last year alone could exceed gambling heavy cities like Las Vegas. They noted to attendees at Hebrew Union College in Manhattan that the state brought in more than $4.7 billion in gaming revenue in 2023, including $700 million from video lotteries, $850 million from sports wagering and over $150 million in commercial casinos.
Jerry Skurnik, commissioner of the New York State Gaming Commission, attributed some of the state’s sports wagering profits to New York’s high tax rates and robust regulations. “New York's been the most successful state in the country as far as revenue from sports wagering, partially because we did what the companies did not want, by setting a high tax rate,” he said.
“One product of gaming that nobody talks about, a cash cow for the state, is the state lottery – $2 billion – and that helps small mom and pop stores stay in business in every community,” he added.
However, even though gaming is thriving in New York, there remain significant delays to downstate casino licensing, a process which has been waiting approval since 2022, said state Sen. Joseph P. Addabbo Jr., chair of the Committee on Racing, Gaming and Wagering. “We should not be at this point, two years after the legislative process and the legislative vote,” Addabbo said.
“[The] legislation should be signed, because we are done, or should be done talking about possibilities,” he continued. “We should know where these sites are, we should know what the issues are, we should be able to start to satisfy these issues. But we cannot, because this process hasn’t started. And that's a major reason why we need to start this process. We need to know where these sites are, we need to know what exactly the issues are, we cannot until we get this process started.”
With the state Senate and Assembly last week approving a bill that would move up the deadline for downstate licensing to August 31 from mid-2025, licenses could be issued sooner and generate funding to help the Metropolitan Transportation Authority replace congestion pricing, Addabbo said. However, once applications are made, bidders should select realistic sites that comply with New York’s zoning and land-use laws, Assembly Member J. Gary Pretlow, Chair of the Committee on Racing and Wagering, told attendees.
“It’s not really our responsibility to ensure that a potential bidder has land that's suitable to build a casino. These land use laws have been in the books probably since the early 1900s,” Pretlow said. “Anyone who is interested in building a casino should be well aware [of these laws] and not pick a spot, knowing that it's going to be next to impossible to get zoning, and then try to have us change the law to allow their location to become eligible for a casino.”
In addition to traditional streams of gaming revenue, panelist Howard Glaser, global head of government affairs and legislative counsel at Light & Wonder, urged state leaders to expand the market by authorizing online casino gaming, which has been authorized in New Jersey, Pennsylvania, Connecticut, Rhode Island and Michigan – yielding $6 billion in combined revenue last year.
“On the whole, online gaming yields about three times more revenue per person than sports betting does. The industry has been working on expanding online gaming, particularly here in New York, because you're surrounded by [authorized states], and because it's happening in the state illegally,” Glaser told attendees. “That's about three and a half billion dollars stolen from New York every year. That revenue, if New York authorized, is a billion dollars in net tax revenue a year easily."
Glaser dismissed concerns that online gaming could lead to the cannibalization of brick-and-mortar casinos. Both have worked together and delivered growth, he said.
“In every state where gaming has been introduced, land-based casinos have seen more revenue and more investment because they’re bringing in a new demographic,” Glaser explained. “Ten years down the road, there's so much competition in the entertainment field for casinos, that the client base is changing. If you don't have a digital product to offer, I fear for the revenue production of casinos going forward.”
Lawmakers at the event agreed downstate licensing should be a priority before expansions in online gaming. “One of the things that I've been working toward is getting the downstate casino license issues civil before going into iGaming,” said Pretlow, “because we don't know who’s going to have these iGaming licenses. And if we do it right now, those licenses could go to the four upstate casinos, and we have to have room for the three downstate casinos.”

Basically, the state needs the revenue from the 3 full casino license winners. And the winners have to sort out the land issue needed for the casino. RWNYC is one of the two front runner as they have existing facility for casino. And bill S9673 will expedite and put a hard datelines for the NY gaming commission.

I can understand why RWNYC is one of the two front runners for the 3 casino license - they have been generating revenue through taxes for the states / education funds. I wouldnt bet against that until the announcement of the winners :) Miami land sales previous deal that didnt go through was tagged at USD1.2bil :) And the asset is still tagged for sale until today as indicated in the financial report / balance sheet.

RWNYC and MGM are the two front runners for the 3 full casino license. Its an open secret as both are having existing casino facility/operations (slots machine only as you can see from the link above for RWNYC). The other bidders are asking / presenting plans to build new casino which didnt go well with local communities :) One of the bidder's (Steve Cohen Mets) plan which is to build a new casino at citi field did not get the blessing from the senators :)

take your time to research :) I am still learning about GenM too. There is also mid hill development (Genting Xintiandi); a partnership between GenM and Aset Kayamas; launched second half of last year and phase 2 opened for registration. https://www.gentingxintiandi.com/

Lol, TN. I dont think there is anything wrong with the boss / the son. As for moving money around businesses, I have no idea what is that. I believed its more to capex on the energy segment. It has nothing to do with GenM's MTNs issued recently. MTNs are a form of debt financing and the funds generated upon issuance of the MTNs can be used for different purposes as outlined in the MTNs - opex, capex, investment, refinancing, working capital and etc.

MTNs are not new and GenM has issued these in the past even before the pandemic. Its either equity financing or debt financing; debt financing is cheaper option compared to equity financing. We have not heard any announcement of major capex or investment for GenM yet which could be one of the reasons for the MTNs issuance. Opex and working capital probably unlikely as it has recovered to pre-pandemic level and generating positive ops cash flow. Another possible reason would be refinancing. If you look at the details of the MTNs in the annual report (AR2023) page 156, you will be able to get the details of all the past MTNs. There's one that was issued back in FY2015 - 1.3bil 10 years MTN at 4.9% coupon rate which has yet to be redeemed. Its possible that the recent MTNs may be used for early redemption of this; the total amount seems to be matching. Just my opinions, could be wrong. Hope it helps.

I have no idea about racing or high debt high interest, TN :) I have read the qr, the annual reports, the gaming industry in US, the risks associated with sin stocks, and I am happy with the quotes/yield from Mr. Market. Not sure what will happen next but that's the fun part of investing. It is alright if Genting/GenM doesn't suits you. Have faith in your own plans. Enjoy your weekends.

The May increase was primarily driven by restaurants and accommodation services plus housing, utilities and gas/fuels category. That makes GenM's yield attractive coupled with the tailwinds for capital appreciations, Ricardo. The next two consumer prices update will give a preview of the impact from the diesel hike.

Its not retailers or manual entries as these transactions are less than a minute time between each transaction, hue. These are probably done using algorithmic trading or sometime known as high frequency trades. There are buy side algorithm and sell side algorithm :) Sometimes, it is purposely done in such way (breakdown the order into many small qty) to avoid triggering the opposite algorithm. Retail investors like us should not use these transactions as buy or sell decision.