Posted by Maxlim2000 > 2023-05-05 09:28 | Report Abuse

that is nothing to afraid for Covid, it will become like flu

Posted by Maxlim2000 > 2023-05-05 09:28 | Report Abuse

my being infected and recovered after 5 days

Posted by Maxlim2000 > 2023-05-05 09:29 | Report Abuse

my daugther

Posted by AdCool > 2023-05-05 12:28 | Report Abuse

If you don't see any significant increase in glove counters, don't expect significant drop of tourism related counters. There s no more panic on COVID. Visitors would just wear masks and go casino.

covid cases sharply on the rise. Reported today that govt looking to impose mask mandate again. Price may drop next week once news take hold.

Posted by KML889 > 2023-05-05 19:39 | Report Abuse

Ever since the deal with kien huat and resort world Catskill, it's already into the point of no return into the blood sucking abyss

Posted by Serious > 2023-05-06 06:32 | Report Abuse

WHO declares COVID-19 is no longer a global emergency, a major symbolic step towards the end of the pandemic
https://www.abc.net.au/news/2023-05-05/who-says-covid-is-no-longer-a-global-emergency/102311746

Posted by dragon328 > 2023-05-06 15:57 | Report Abuse

Many were skeptical of Genm's deal with Kien Huat in acquiring stakes in Empire Resorts US. Let's look at the background and some numbers again before we conclude that it is a good or bad deal.

Genm first in Nov 2019 acquired a 49% stake in Empire Resorts at US$159.7 million, valueing Empire Resorts at US$326 million. Genm injected additional equity of US$173m in 2020 and equity of US$187m in 2021, which raised GENM's stakes in Empire Resorts to 66.6%. The two additional equity injections effectively increased equity value of Empire Resorts to (159.7m +173m + 187m)/66.6% = US$780 million.

In the latest move, Genm raised its stakeholding in Empire Resorts by 10% at US$100m, valuing Empire Resorts at US$1.0 billion, and Genm's stakes in Empire Resorts will rise to 76.3%.

Empire Resorts registered total revenue of US$369 million and EBITDA of US$106.1 million in FY2022. To note that Q4FY2022 was strong (after covid) with revenue of US$102 million and EBITDA of US$33 million, locking in an EBITDA margin of 32.3% higher than that of Malaysia (29.4%) and UK (18.0%) gaming business.

Annualising the latest quarterly result will give a projected EBITDA of US$132 million for 2023. So a valuation of US$1.0 billion puts the EV/EBITDA at 1,000/132 = 7.6x.

This is lower than the valuation of Genting Singapore at EV/EBITDA of 8.0x and valuation of Macau casinos at EV/EBITDA of over 20x.

Posted by dragon328 > 2023-05-06 16:17 | Report Abuse

If we look at the valuation of Empire Resorts from the real estate angle, a US$1.0 billion valuation seems extremely cheap.

Empire Resorts owns three sites in New York :
1) Resorts World New York City (RWNYC)
2) Resorts World Catskills (RWC)
3) Resorts World Hudson Valley (RWHV)

RWNYC is located at Queens which adjacent to the prestige Brooklyn county and about 8km away from Manhattan financial district. RWNYC is the largest among the 3 sites, measuring a land size of 64 acres with over 1.0 million square feet of gaming floor and few hundred hotel rooms.

Genm is disposing of its 15.5-acre Miami land for US$1.225 billion cash, valuing the vacant land at US$1,814 per square foot (psf). Online checks show that commercial land was transacted at an average value of US$2,590 psf for all land deals above US$6 million in Queens from April 2022 to March 2023. Commercial land was transacted at a much higher average of US$15,632 psf for all land deals above US$50 million in Manhattan from April 2022 to March 2023, based on data from the Department of Finance, New York City.

If we take the average of the Miami land valuation ($1,814 psf) and the average commercial land value ($2,590 psf) in Queens, we get a potential value of US$2,204 psf which will value RWNYC's 64-acre land in Queens at US$2,204 psf x 64 acres x 43,560 sf = US$6.1 billion.

Added with the 1.0-million-square-feet gaming floor and hotels worth some US$1.0 billion, then RWNYC itself may be worth US$7.0 billion.

Even if we take a 50% discount for the large piece of land, RWNYC should be worth US$4.0 billion easily.

RWC and RWHV are smaller and may be worth some US$1.5 billion combined, so Empire Resorts should be worth at least US$5.5 billion from real estate angle.

Hence, I would say the current valuation of US$1.0 billion for Empire Resorts is extremely cheap.

Posted by twynstar > 2023-05-07 14:55 | Report Abuse

@Dragon328

I think Empire Resorts only owns:
1) Resorts World Catskills (RWC)
2) Resorts World Hudson Valley (RWHV)
3) Resorts World Bet ( online sports betting)

Genting Malaysia’s wholly-owned subsidiary Genting New York, LLC owns 100% of Resorts World New York City, which operated the Video Gaming Machine facility in Queens, New York City, at the site of the Aqueduct Racetrack since 28 October 2011

Posted by twynstar > 2023-05-07 14:58 | Report Abuse

In 16/09/2020, I had posted the summary of Empire Resorts. Please correct me if I am wrong.

Empire Resorts is a company that owns the Monticello Raceway in the Catskill Mountains 90 miles (140 km) from New York City. Monticello Gaming and Raceway is a harness racing track and racino in Monticello, Sullivan County, New York. The casino at the raceway operates under a state license permitting slot machines at designated race tracks

2003 : Empire Resorts was founded in 2003 through a consolidation of Alpha Hospitality and Catskill Development LLC, a company that had purchased the Monticello Raceway in 1996. In 2003 Empire Resorts became a NASDAQ Global Market company

2009 : In August 2009, Kien Huat Realty (KH) invested $55 million in new equity capital, which represented just below 50% of the voting power of Empire Resorts.

2015: In December 2015, Empire Resorts received a full gaming license by New York State Gaming Commission. Empire planned to build an 18-story casino, hotel and entertainment complex after being rewarded with this new license.

2016: In February 2016, Kien Huat Realty purchased $290 million worth of shares, giving the firm 88.7% ownership of Empire Resorts. All proceeds from the sale of shares will be used for the project development. Empire also borrowed $545 million for this project.

2017: In April 2017, this project was named as Resorts World Catskills, from Montreign Resort Casino

2018 : Resorts World Catskills ( RWC) opened on February 8, 2018. The property features 65,000 square feet (6,000 m2) of gaming space with 150 table games and over 1,600 slot machines, and an 18-story hotel tower with 332 suites. During the period between the casino's February 2018 opening and June 2019, the company reported $211.5 million in losses.

2019:
In August 2019, an SEC filing indicated that Empire Resorts was considering bankruptcy.

6 August 2019 : Genting Malaysia and KH had entered into a binding term sheet for GenUSA to acquire the 13.2 million shares in Empire at US$9.74 each for about US$128.6 million (RM538.8 million). This caused GENM share price dipped 12% in a day.

4 Nov 2019 : GENM purchased 13.2 million shares in Empire Resorts Inc from Kien Huat(KH). GENM holds a 38.3% equity stake in Empire on an undiluted basis and 33.3% on a fully diluted basis assuming full conversion of all preferred stock currently outstanding into Empire's common stock.

18 Nov 2019 : delist all Empire common stock from the Nasdaq

2020 :
16 March 2020 : RWC shut down due to COVID-19

19 March 2020 : GENM subscribed for up to USD40.0 million (or RM174.8 million) of Series G Preferred Stock of Empire for the purposes of a refinancing plan and working capital. Number of shares of Common Stock issuable upon conversion is limited to a cap of 49% of total issued and outstanding Common Stock.

July 2020 ; Empire launched a USD475 million senior secured notes (“Bond”) offering. However, the completion of the Bond offering has been impacted by the COVID-19 pandemic.

9 Sept 2020: RWC reopened

11 Sept 2020 : GENM has entered into a new subscription agreement with Empire Resorts to subscribe for Series L Preferred Stocks with US$150 million (RM625 million). Assuming the full conversion of Series L Preferred stocks to common stock, GENM's effective shareholding in common stock will increase to approximately 57% in 2030.


For the financial year ended 2019, RWC registered a 48% growth in total gross gaming revenue to US$208.7mil from US$140.6mil previously.
Since the new management was appointed in the fourth quarter of 2019, the operating performance of RWC has significantly improved over prior year. Prior to its temporary closure in mid-March 2020, RWC’s gaming revenue grew by 31% as compared to the same period in 2019 and the property registered earnings before interest, taxation, depreciation and amortisation (“EBITDA”) of USD 2 million (or approximately RM 8 million) in the first two months of 2020, an increase of USD10 million(or approximately RM 42 million) from the same period last year

RWC is one of the newest and highest quality gaming assets in the northeast U.S., with over USD 900 million invested. It is one of the closest gaming facilities to New York City offering live table games including Baccarat and Blackjack. ( As mentioned in ‘Announcement” , 15 August 2019 in GENM website)

Posted by dragon328 > 2023-05-07 15:55 | Report Abuse

@twynstar, I think you are right, Empire Resorts only owns RW Catskills and RW Hudson Valley. Resorts World New York City is wholly owned by Genting Malaysia.

I did further research after I posted the comments above yesterday and was about to correct my own mistakes. Thanks for pointing it out.

Posted by dragon328 > 2023-05-07 16:08 | Report Abuse

Resorts World Catskills is located near Monticello which is about 80km away from Manhattan (as measured from google map). RW Catskills sit on a large tract of land measuring over 1,700 acres, but land value there is a lot lower than that in New York City, with market value of US$2.00 - 4.00 psf. So the 1700-acre land owned by Empire Resorts there is probably worth some US$200 million. Empire Resorts has invested over US$900 million in this RWC, so RWC is probably worth about US$1.1 billion - $1.2 billion based on land + construction costs.

Earnings wise, Empire Resorts has just turned around with positive EBITDA since 2020. Maybank Research in its earlier reports forecast a positive EBITDA of about US$14m - $18m in FY2021-2023 without online sports betting and EBITDA of US$15m - $44m in FY2021-2023 with online sports betting. I am not sure how Empire Resorts has been doing with the online sports betting but earnings in last few quarters do not show big improvements.

Posted by dragon328 > 2023-05-07 16:14 | Report Abuse

As I just found out, Resorts World New York City is 100% owned by Genting Malaysia, as opposed to my earlier calculations that showed an effective 76.4% stake by Genm via Empire Resorts.

RWNYC is the prime asset under Genm. As shown in calculations above, the 64 acres of land owned by RWNYC may potentially be worth US$6.1 billion or RM27.4 billion. This is equivalent to RM4.62 per share of Genm.

Should Genm win a full casino license in New York, then this RWNYC would be worth another US$4.0 billion more.

Posted by RonnyWu > 2023-05-07 19:01 | Report Abuse

Will hit RM3 next week

Posted by speakup > 2023-05-07 20:33 | Report Abuse

Last chance to buy this week cos RonnyWu say next week rm3

Posted by kl_guy > 2023-05-08 12:34 | Report Abuse

genm no volume ...mean no one want to sell . All waiting for good news.

Posted by AdCool > 2023-05-08 16:12 | Report Abuse

These 4 days cant expect much uptrend. One call warrants expiring on 12th May. The warrants issuer would not let GenM to move up. Just need to wait for next week onward. Expect it to be stagnant or range bound.

Posted by RonnyWu > 2023-05-08 16:15 | Report Abuse

Thanks, speakup. Haha, too good to be trued that market will follow my anticipation

Posted by AdCool > 2023-05-09 16:23 | Report Abuse

2 more days to go. As expected, wont have much movement and cant uptrend.

Posted by speakup > 2023-05-10 10:07 | Report Abuse

Panic selling today.
Can buy?

Posted by RonnyWu > 2023-05-10 10:21 | Report Abuse

Hasn't seen any panic selling activity yet...

Posted by TonsilBasher > 2023-05-10 11:52 | Report Abuse

Everyday i walk in Genting Casino. Everyday full house. How can Genting Malaysia lose mone??? at this price its deeply undervalued

Posted by sugumaran > 2023-05-10 12:16 | Report Abuse

buy big and small casino

Posted by AdCool > 2023-05-10 18:02 | Report Abuse

1 more day to go before expiry of warrants.

Posted by Income > 2023-05-10 19:37 | Report Abuse

The price is not handsome. No big buyers… how do you make it rocket???

Posted by RonnyWu > 2023-05-11 16:07 | Report Abuse

after that particular warrant expired, then GenM will move up a bit I presume

Posted by choysun > 2023-05-11 19:06 | Report Abuse

If Resort World Miami is sold 100% instead of just the land, wouldn't it attract more $$$? :)

Posted by Serious > 2023-05-12 08:13 | Report Abuse

https://www.theedgemarkets.com/node/666608
Genting Malaysia to offload Miami unit, instead of land, for US$1.225b

Posted by Nepo > 2023-05-12 09:15 | Report Abuse

good news or bad news
Resort World Miami sells US 1.225 Billion
Cost US 3.2 billion
it is a loss..sb can confirm?

Posted by choysun > 2023-05-12 09:30 | Report Abuse

Where you get it's a loss la... Hahaha

Posted by kl_guy > 2023-05-12 10:34 | Report Abuse

look like rm2.70 is strong support level.

Posted by RWG > 2023-05-12 12:52 | Report Abuse

https://www.theedgemarkets.com/node/666705

Posted by RonnyWu > 2023-05-12 16:36 | Report Abuse

Strong GDP growth for Q1 in Malaysia. Not bad~

Posted by cn21 > 2023-05-12 20:50 | Report Abuse

云顶新加坡首季净利涨2.2倍
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E4%BA%91%E9%A1%B6%E6%96%B0%E5%8A%A0%E5%9D%A1%E9%A6%96%E5%AD%A3%E5%87%80%E5%88%A9%E6%B6%A822%E5%80%8D?fbclid=IwAR3YJXw2kyx1JBulmB_lcGOkulwzr7fHqs0VoEQxPgkBSHv375uy6QFJjcI

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2023-05-12 22:39 | Report Abuse

Despite its recent very poor earnings due to Covid and the aftermath of this, the DPS in 2022 was a generous 15 sen per share. This DPS is expected to be repeated in 2023. Its present price is well supported by the dividends, which at the present price of RM 2.72 per share, translate intoa dividend yield of 5.54%. With the opening up of the economy and travelling, and particularly with more travellers from local and abroad, recovery of its earnings to its previous years is expected.

Posted by marshallT > 2023-05-12 22:44 | Report Abuse

Genting Xintiandi Project's Show Gallery Grand opening on 26May2023

Posted by RonnyWu > 2023-05-15 13:10 | Report Abuse

I think won't so bad ba given that PBB raised its TP

Posted by Cryptolover > 2023-05-15 14:16 | Report Abuse

more like afraid of the uncertainty of state election

Posted by RWG > 2023-05-15 15:35 | Report Abuse

malaysia tak madani

Posted by RWG > 2023-05-15 19:29 | Report Abuse

sanusi will be genm chairman

Posted by Shines > 2023-05-16 07:39 | Report Abuse

GenS announce a set of good qtr results, but share price dropped, why ah?

Posted by dragon328 > 2023-05-16 08:55 | Report Abuse

GenS Q1 2023 result was good against last year Q1, but it was lower than Q4 2022 and market expectation.

Main reasons for the weak result were unfavourable VIP win rates and limited airlines capacity to bring in mass market visitors to Singapore (hence high air ticket prices).

As statistics shows, visitors from China to Singapore in May only reached 51% of May 2019 level, so there is plenty of room for this to improve in coming months.

Posted by EatCoconutCanWin > 2023-05-16 09:00 | Report Abuse

Genm I think is loss making due to higher tax implementation by gov. Chinese ppl always clever in running tax. Report loss , less tax . Jimat

Posted by RonnyWu > 2023-05-16 17:01 | Report Abuse

Report high depreciation and written off also can avoid tax. Hehe

Posted by RonnyWu > 2023-05-17 16:11 | Report Abuse

Panic selling today...?

Posted by RWG > 2023-05-19 16:15 | Report Abuse

MUDA= MOVE FORWARD PARTY

Posted by RonnyWu > 2023-05-19 17:22 | Report Abuse

MUDA = Memang Untung Dan Aspirasi

Posted by Income > 2023-05-20 13:35 | Report Abuse

https://www.nst.com.my/amp/news/nation/2023/05/911096/couple-fall-their-death-hotel-building-genting-highlands


Couple fall to their death from hotel building in Genting Highlands
By Amir Hamzah Nordin
May 19, 2023

BENTONG: A husband and wife were found dead believed to have fallen from a hotel building in Genting Highlands here on Tuesday (May 16).

Bentong District Police chief, Superintendent Zaiham Mohd Kahar, said that they received a report regarding the incident at around 9.46pm on May 16 (Tuesday).

Based on initial investigations, the couple who were both 37, and hailed from Taiping, Perak, came to Genting Highlands on May 11 (last Thursday) and checked into the hotel.

"Checks on the hotel's Closed-Circuit Television (CCTV) cameras found that from the first day the couple checked in until when the incident happened, no one else had entered their room except for the two of them," he said in a statement today.

Zaiham said that further checks found no criminal elements or elements of foul play.

"Based on the post-mortem report, the cause of death for the man was a 'massive hemothorax' while for the wife it was severe injuries to the head.

Posted by Income > 2023-05-20 13:36 | Report Abuse

Patutlah can’t go up. Really badluck???

Posted by OnTime > 2023-05-20 14:48 | Report Abuse

spooky!