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1) Sole fully-integrated casino resort leader in New York.(at least for 4 years after MGM group withdrawal)
2) Tourism boom from World Cup 2026.
3) Visit Malaysia 2026 catalyst.
4) Resorts World Sentosa 2.0 opens phase-by-phase (Minion Land, Weave Mall, Singapore Oceanarium & more).
5) Hidden asset value > RM 13.50/share if revalued.
6) FLNG project starts contributing.
7) Taurex major announcements ahead.
8) Vast undervalued plantation landbank.
9) Possible return to KLCI main index, attracting large funds.
10)Fed rate cuts drive global recovery.
11) Monetise Miami land (~RM 4.5 b) to reduce gearing.
12) Dispose Catskills non-casino assets, making Empire Resorts Inc. debt-free.
13) Expanding power & energy business.
14) Stronger ringgit vs USD lowers interest cost.
15) Thailand casino cancellation removes competition risk.
1) Sole fully-integrated casino resort leader in New York.(at least for 4 years after MGM group withdrawal)
2) Tourism boom from World Cup 2026.
3) Visit Malaysia 2026 catalyst.
4) Resorts World Sentosa 2.0 opens phase-by-phase (Minion Land, Weave Mall, Singapore Oceanarium & more).
5) Hidden asset value > RM 13.50/share if revalued.
6) FLNG project starts contributing.
7) Taurex major announcements ahead.
8) Vast undervalued plantation landbank.
9) Possible return to KLCI main index, attracting large funds.
10)Fed rate cuts drive global recovery.
11) Monetise Miami land (~RM 4.5 b) to reduce gearing.
12) Dispose Catskills non-casino assets, making Empire Resorts Inc. debt-free.
13) Expanding power & energy business.
14) Stronger ringgit vs USD lowers interest cost.
15) Thailand casino cancellation removes competition risk.
Positive if attempt to take
GENM private successful
Maintain BUY with higher SOTP-TP of MYR3.94 (+6%)
GENT made a conditional voluntary take-over offer (VTO) to GENM to
acquire the 2.87b (51%) shares in GENM it does not own for MYR2.35/shr
cash. At first glance, this deal does not appear favourable for GENT but
after taking into consideration the potential catalysts currently accruing
to GENM, we estimate that its earnings could be boosted by ≤51% and
SOTP-fair value to MYR4.25. For now, we raise our SOTP-TP to MYR3.94
(MYR3.70 previously) to account for a higher GENM SOTP-TP.
MGM's withdrawal from NY casino project leaves Genting, two other bidders in the race::
Oct 15): MGM Resorts International pulled out of the competition to operate a casino in the New York area, leaving three companies vying for three possible licences to build gambling palaces serving the largest US city.
The Las Vegas-based resort and gambling company blamed shifting economic and competitive conditions, including a shorter-than-expected duration for its licence, according to a statement Tuesday.
“The newly defined competitive landscape — with four proposals clustered in a small geographic area — challenges the returns we initially anticipated from this project,” MGM said.
