Genting Malaysia is seeking $1 billion from Fox and Disney for termination of a contract for a theme park in the Resorts World Genting complex.
Financial research firm UOB Kay Hian Research forecasts that the tax on Genting Malaysia VIP casino operations will go up to 20% from the current 10% rate.
Amid the rise in taxes payments, the casino operator Genting Malaysia say that it will have to adjust its marketing expenses as a result of the new fees.
The company’s share price was down as much as 30%, marking the biggest fall since the company’s stock was first listed in 1989.
Analyst say Genting Malaysia is in a strong enough position that an increase in tax as hinted by Malaysian officials won’t seriously impact its bottom line.
Genting Malaysia is weighing its options for getting back $427.5 million worth from promissory notes issued for an integrated resort in Massachusetts.
Genting Malaysia reported a doubling of profits in the second quarter of 2018 compared to the same period last year, in a filing with the Bursa Malaysia.
Genting Malaysia Bhd has issued MYR2.6 billion ($644.28 million) in debt notes as the company seeks more funds for its property and gaming resorts projects.
Casino operator Genting Malaysia Berhad (Genting BHD) managed to pull a 15.8 percent net profit growth in the first three months of 2018.
Genting Malaysia BHD investors are in for a celebration despite seeing a drop in the casino operator’s 2017 profit.