Malaysia has launched a major crackdown on illegal gambling and this time says it will stamp out the practice for good, though some observers are less optimistic. They say without changes to the law to specifically target online activities, stamping out the problem may be a tough call.
Genting Malaysia continues to roll out new facilities under a MYR10 billion ($2.3 billion) revamp plan, though a theme park development with 20th Century Fox, seen as a key driver for growth, has now been delayed until the second quarter of next year. The company's new Sky Casino mass floor is now open and the third and fourth floors catering to VIPs are scheduled to open this quarter.
Genting Malaysia, the country’s only casino operator, is ramping up preparation works as it prepares to begin rolling out the first stages of its RM10.38 billion ($2.46 billion) Genting Integrated Tourism Plan in the second half of this year. The company, which has said that it expects the economic environment to be challenging in 2016, is forecast to open its Sky Avenue & Sky Plaza shopping malls, and a new cable car station progressively by the end of the year. However, its much touted Twentieth Century Fox World theme park has been delayed to late 2017. The plan is still seen as the main catalyst for growth at the company as its overseas operations face headwinds.
As VIP revenue from China’s high rollers continues to slump, Malaysia’s Genting Group is seeking to carve a niche for itself by targeting the more profitable premium mass segment across its Asian properties.The conglomerate has aggressively embarked on a slew of facelifts or new projects, such as launching new hotels and gaming floors across various properties, in a move to woo the premium mass gambler.
Malaysia’s only casino operator, Genting, is now one and a half years into a huge RM5 billion ($1.3 billion) renovation project at its 50-year-old Resorts World Genting property, with construction works proceeding mostly to schedule. A recent AGBrief visit to the casino found the property busy, despite ongoing works, with a 13 percent increase in hotel capacity scheduled to come onstream in July.