Genting FAQ - Part 3

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aLeX84

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Hmm ringgit dropping to 3.04 now and maybe further in the upcoming weeks.. sure you all will cut your uphill trips? :D
 
vaxvms

vaxvms

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ToshibaPortege said:
Shouldn't it be the other way round?


If one wants more business, will have to give out more freebies to attract customers rather than to cut. Very poor marketing sense.
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uncle Lim dun need sinkie anymore as lotza of things up and running now , unlike 3-4 years back

for sinkie is the cheapest "winter gateway"
 
vaxvms

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kia0042 said:
Supposed to be in Genting this week, but skipped.
Skipping June as well since other places are giving better offer.
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bro u so regular also skip
this year me punch card 1x only when me bzi trip to KL
no stay ...just wentup after drinkin wif some malaysian
cannot remember win or lose also

GP/tiers collected : 0 still :D
 
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vsvs24

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Maybe they think Singapore casino levy go up, people will go Genting Malaysia casino.

Or they may want to attract non gambling activities since Malaysia casino tax going up so they earn less from gaming.

https://www.thestar.com.my/business...-tax-credit-negative-for-genting-says-moodys/
Genting currently pays casino duties of up to 25% on gaming revenue but under the Budget 2019, it will have to pay the higher duty.

Moody's said the Budget 2019 that will impact Genting include: (1) casino license fee will increase to RM150mil per year from RM120mil; (2) casino duties will increase up to 35%; and (3) machine dealer's license will increase to RM50,000 per annum from RM10,000.

The rating agency expects Genting's earnings before interest, interest, tax and depreciation (Ebitda) to decline by around RM650mil in 2019 under a stressed scenario, where casino duties of additional 10% on gaming revenue starts from Jan 1, 2019.
 
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datolim

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vsvs24 said:
Maybe they think Singapore casino levy go up, people will go Genting Malaysia casino.

Or they may want to attract non gambling activities since Malaysia casino tax going up so they earn less from gaming.

https://www.thestar.com.my/business...-tax-credit-negative-for-genting-says-moodys/
Genting currently pays casino duties of up to 25% on gaming revenue but under the Budget 2019, it will have to pay the higher duty.

Moody's said the Budget 2019 that will impact Genting include: (1) casino license fee will increase to RM150mil per year from RM120mil; (2) casino duties will increase up to 35%; and (3) machine dealer's license will increase to RM50,000 per annum from RM10,000.

The rating agency expects Genting's earnings before interest, interest, tax and depreciation (Ebitda) to decline by around RM650mil in 2019 under a stressed scenario, where casino duties of additional 10% on gaming revenue starts from Jan 1, 2019.
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Genting hay days is over.
They still have the monopoly casino in MY but the days when people are standing two or three deep to throw money at them is moving away.
The world is getting smaller. What with plentiful air travel now and many neighbouring countries having casinos it is a competitive world.

But I think they still have their old mindset. You want to play here you have to pay. Comps is free rooms if you really pay at the tables or slots.

I think they made many bad investment decisions recently and are over extended around the world. Many of their worldwide investments are losing money. Their biggest one is Genting HK/ Star Cruises and Dream Cruises.
 
hwarzoner

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kia0042 said:
Seems like many people cannot get free stays at genting these days, my free stays only available from Monday ~ Thursday, Fridary ~ Sunday all chargeable.
I skipped my April and June trip to Genting and booked for cruise.
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Me too, normally is 2 to 3 nites free in firstworld, now only 1 Nite.. sian...
 
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ToshibaPortege

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hwarzoner said:
Me too, normally is 2 to 3 nites free in firstworld, now only 1 Nite.. sian...
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If by bus to and fro takes about 13 to 14 hours in order to stay one night :s22:


This month April already booked 3 nights and then add on 2 nights for lucky draw.


Just now receive sms reminding me to book for May but will be skipping May since they only give 2 nights, likely will be skipping June and July too. Considering to go Macau or Cambodia instead.
 
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aLeX84

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vsvs24 said:
Maybe they think Singapore casino levy go up, people will go Genting Malaysia casino.

Or they may want to attract non gambling activities since Malaysia casino tax going up so they earn less from gaming.

https://www.thestar.com.my/business...-tax-credit-negative-for-genting-says-moodys/
Genting currently pays casino duties of up to 25% on gaming revenue but under the Budget 2019, it will have to pay the higher duty.

Moody's said the Budget 2019 that will impact Genting include: (1) casino license fee will increase to RM150mil per year from RM120mil; (2) casino duties will increase up to 35%; and (3) machine dealer's license will increase to RM50,000 per annum from RM10,000.

The rating agency expects Genting's earnings before interest, interest, tax and depreciation (Ebitda) to decline by around RM650mil in 2019 under a stressed scenario, where casino duties of additional 10% on gaming revenue starts from Jan 1, 2019.
Click to expand...

Not everything revolve around us lah. I suspect they're focusing more on PRC tourists.. they come in hordes of tour groups to flood FWH, plus all their premium hotels got Forbes rating. Crockfords recently got 5 stars too which puts it on par with premium luxury hotels like our Capella on Sentosa. That might have increased the organic demand for rooms there and probably led them to free up space by cutting comps. The local market demand will also have increased too because of the newly opened indoor theme park Skytropolis Funland and all the cantopop shows they bring in to Arena of Stars. If they can manage to settle the 20th Century Fox situation I think all the comps for Sinkies will be cut to zero.
 
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datolim

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ghregular said:
this should make an interesting read rgd genting spore investment around asia .
https://www.forbes.com/sites/muhamm...no-project-to-re-focus-on-japan/#6583a757c704
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Genting is tapped out of any other investments anywhere.

In SG the government is making them spend another S$4.5B in investment. This comes in with increased entry fees and higher gambling tax rates.

In Las Vegas they are building a US$4B resort.

The almost US$1B they spend on the Fox theme park in GH has not yet been accounted for in their financial statement.
 
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