Genting’s domestic plans to support growth as overseas ambitions stall

    Published in: Latest IntelligenceGenting’s ambitious overseas expansion plans are facing headwinds, hitting a snag in the U.S. and delays elsewhere, but analysts remain optimistic over the mid-term prospects for Malaysia’s only operator thanks to a RM$5 billion (US$1.4 billion) plan to revamp its operations at home.The company failed to secure a license in New York state despite submitting two bids, while political uncertainty has stalled the passage of a bill to legalize casinos in Japan, where the group also has ambitions. Meanwhile a more than $2 billion resort planned for South Korea’s Jeju Island still has to break ground following resistance from the local governor. “Despite fielding two convincing bids (Sterling Forest Resort and Resorts World Hudson Valley), Genting did not win one,” Maybank Investment Bank Research analyst Samuel Yin said, referring to the New York bids.The New York Gaming Facility Location Board acknowledged that the Orange County proposals were...

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