Genting Malaysia to Review Marketing Expenditure as New Casino Tax Hits Stock - W88club

Genting Malaysia to Review Marketing Expenditure as New Casino Tax Hits Stock

  • 0

Genting Malaysia to Review Marketing Expenditure as New Casino Tax Hits Stock

Category : Events & Reports

Shuttered Lucky Dragon Hotel and Casino Still Out of Luck, Gets Zero Bids at Foreclosure Auction
Posted on Wednesday October 31, 2018

Primary lender assumes ownership of failed Lucky Dragon casino resort; property receives no offers at foreclosure auction The unfortunate Lucky Dragon Hotel and Casino was released back to its primary lender after it got zero bids at a Tuesday auction in Las Vegas. Located in the northern part of the legendary Strip, the property filed

The post Shuttered Lucky Dragon Hotel and Casino Still Out of Luck, Gets Zero Bids at Foreclosure Auction appeared first on W88club.

New York Jets Partner Online Gambling Operator 888, Face Backlash from Football Purists
Posted on Tuesday October 30, 2018

Yet another NFL team joins forces with a casino operator as the league relaxes gambling advertising rules The New York Jets have penned a sponsorship deal with online gambling operator 888 and football purists are not happy about it, news outlet the New York Post reported on Monday. The deal is set to be officially

The post New York Jets Partner Online Gambling Operator 888, Face Backlash from Football Purists appeared first on W88club.

Dustin Fox Locks Up Back-to-Back Win in WSOP Circuit Harveys Lake Tahoe Six-Max
Posted on Tuesday October 30, 2018

Cheered by his mom, Fox scoops back-to-back Six-Max title at Harveys Lake Tahoe Casino Local player Dustin Fox defended his WSOP Circuit Harveys Lake Tahoe No-Limit Hold’em Six-Max title last night to collect his second gold ring from the series and $18,878. Fox took down the exact same event at the exact same host casino

The post Dustin Fox Locks Up Back-to-Back Win in WSOP Circuit Harveys Lake Tahoe Six-Max appeared first on W88club.

Genting Malaysia to review marketing expenditure ahead of the introduction of a higher casino tax
Genting Malaysia Bhd is moving to assess the full implications of the recently introduced increase in annual casino license fees and gambling taxes, the gaming and hospitality company said today in a filing to Bursa Malaysia.
Malaysian Finance Minister Lim Guan Eng introduced the country’s 2019 budget plan this past Friday. Stricken by financial scandals and growing budget deficit, Malaysia will implement higher casino and gaming machine license fees as well as higher taxes on those operations as part of its effort to mend its ailing economy, it became known last week.
Under the new budget plan, casino operators will be required to pay a MYR150-million annual license fee, up from MYR120 million. In addition, land-based casinos will be taxed at 35% on their annual gross income from January 1, 2019, when the reforms are set to take force.
Slot machine operators in Malaysia will have to pay an annual license fee of MYR50,000, up from MYR10,000. Their operations will be taxed at 30% on annual gross proceeds from next year, up from the current rate of 20%.
Looming Review of Marketing Expenditure
In today’s filing, Genting Malaysia said that it is assessing the implications of the new tax regime and that it will “take the appropriate next course of action which includes a review of its marketing expenditure and cost structure” in a bid to mitigate the imminent impact of the new tax and license fee.
Genting Malaysia operates the Resorts World Genting integrated resort in its homeland. The property is located on the peak of Mount Ulu Kali not far from the Malaysian capital, Kuala Lumpur. Among multiple other facilities, the property features a full-blown casino with slot machines and gaming tables.
The company’s shares closed at a three-year low on Monday in a knee-jerk reaction to Friday’s introduction of the new budget plan. The stock has improved since then, closing at MYR3.64 today for a market capitalization of MYR20.579 billion (approx. $4.9 billion).
First reports about Malaysia’s plans to increase gambling taxes and licensing fees emerged in October. Back then, analysts from two research houses pointed out that Genting Malaysia would not suffer any major negative impact from a potential implementation of higher rates. According to Nomura International and Maybank Kim Eng Research experts, the planned opening of new attractions at Resorts World Genting next year would help the company weather any looming reforms.
The gaming and hospitality operator has previously unveiled plans to add 1,500 hotel rooms at its resort as well as the 20th Century Fox World and the Skytropolis theme parks. Genting Malaysia has also pointed out that it targets 30 million visits at the property by 2020. Resorts World Genting welcomed around 22 million visitors last year.
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.
The post Genting Malaysia to Review Marketing Expenditure as New Casino Tax Hits Stock appeared first on Casino News Daily.

Casino Tax Hike Included in Malaysia’s 2019 Budget Plan
Posted on Friday November 02, 2018

New government considers casino tax hike economy grapples with financial scandals and growing budget deficit Malaysia is aiming to mend its scandal-stricken economy and tackle a widening budget gap with higher license fees and tax rates for land-based casinos and slot machine operations, it became known today. The planned changes were introduced today by Finance

The post Casino Tax Hike Included in Malaysia’s 2019 Budget Plan appeared first on W88club.

Scott Sanders Tops 332-Strong Field in WSOP Circuit Harveys Lake Tahoe $400 No-Limit Hold’em Monster Stack
Posted on Friday November 02, 2018

Scott Sanders captures a shiny gold ring after a fun heads-up against Marty Gorenc Scott Sanders, a player from Santa Clara, California, was the Thursday night star at Harveys Lake Tahoe Casino as he navigated through the field of the $400 No-Limit Hold’em Monster Stack, or Event #8 on the WSOP Circuit Harveys Lake Tahoe

The post Scott Sanders Tops 332-Strong Field in WSOP Circuit Harveys Lake Tahoe $400 No-Limit Hold’em Monster Stack appeared first on W88club.

Please follow and like us: