KUALA LUMPUR: Genting Malaysia Bhd has acquired Fox Poker Club Ltd through its subsidiary Genting Casinos UK Ltd for £7.75 million (RM38.26 million).
According to the announcement, the Fox Poker Club holds a casino premises licence and operates a poker club in Shaftsbury Avenue in central London. According to news reports, the club is London’s only fully licensed and dedicated poker club. It also offers an online poker service, as does Genting UK.
Genting UK intends to fund the purchase through internally generated funds. According to its website, Genting UK has 44 casinos across the UK under three brands — Circus, Maxims and Mint.
Genting Malaysia and parent Genting Bhd announced their 3QFY11 ended September results yesterday. Genting Malaysia saw its net profit for the quarter increase by 3.2% to RM347.1 million from RM336.4 million while revenue rose 92.6% for the same period to RM2.3 billion.
For 9MFY11, net profit rose to RM1.08 billion from RM914.5 million for the previous year’s corresponding period.
Genting Malaysia said its improved results came from construction revenue of Resorts World Casino New York City, its UK casino business and improving revenues from its Malaysian leisure and hospitality business.
Genting Malaysia said it remains cautious on the outlook for the leisure and hospitality industry due to uncertain global growth prospects. Genting Malaysia expects the Malaysian market to continue to contribute positively, and remains focused on growing its business in the UK and the US.
“As part of the destination resort master plan, the group also secured ownership of a prime freehold property called the Omni Centre located in downtown Miami, USA. The Omni Centre comprises a shopping mall, office space and a hotel,” said Genting Malaysia.
Genting Bhd saw its net profit for 3QFY11 decline by 22% year-on-year to RM597.2 million from RM765.9 million. Revenue for the period, however, rose to RM5.1 billion from RM3.9 billion. It should be noted that in the previous year’s corresponding quarter there were a couple of one-off items that included a net gain of RM413.6 million from the sale of Cairns Ltd to BP Global Investments Ltd, which offset an impairment loss of RM250.6 million during the same period.
On a cumulative basis, Genting’s net profit for 9MFY11 rose to RM2.1 billion from RM1.7 billion, while revenue rose to RM14.5 billion from RM11.1 billion.
Apart its gaming operation, Genting said it expects its power division to remain stable. Its plantation division will be primarily driven by the direction of palm products prices.
This article appeared in The Edge Financial Daily, November 25, 2011.
According to the announcement, the Fox Poker Club holds a casino premises licence and operates a poker club in Shaftsbury Avenue in central London. According to news reports, the club is London’s only fully licensed and dedicated poker club. It also offers an online poker service, as does Genting UK.
Genting UK intends to fund the purchase through internally generated funds. According to its website, Genting UK has 44 casinos across the UK under three brands — Circus, Maxims and Mint.
Genting Malaysia and parent Genting Bhd announced their 3QFY11 ended September results yesterday. Genting Malaysia saw its net profit for the quarter increase by 3.2% to RM347.1 million from RM336.4 million while revenue rose 92.6% for the same period to RM2.3 billion.
For 9MFY11, net profit rose to RM1.08 billion from RM914.5 million for the previous year’s corresponding period.
Genting Malaysia said its improved results came from construction revenue of Resorts World Casino New York City, its UK casino business and improving revenues from its Malaysian leisure and hospitality business.
Genting Malaysia said it remains cautious on the outlook for the leisure and hospitality industry due to uncertain global growth prospects. Genting Malaysia expects the Malaysian market to continue to contribute positively, and remains focused on growing its business in the UK and the US.
“As part of the destination resort master plan, the group also secured ownership of a prime freehold property called the Omni Centre located in downtown Miami, USA. The Omni Centre comprises a shopping mall, office space and a hotel,” said Genting Malaysia.
Genting Bhd saw its net profit for 3QFY11 decline by 22% year-on-year to RM597.2 million from RM765.9 million. Revenue for the period, however, rose to RM5.1 billion from RM3.9 billion. It should be noted that in the previous year’s corresponding quarter there were a couple of one-off items that included a net gain of RM413.6 million from the sale of Cairns Ltd to BP Global Investments Ltd, which offset an impairment loss of RM250.6 million during the same period.
On a cumulative basis, Genting’s net profit for 9MFY11 rose to RM2.1 billion from RM1.7 billion, while revenue rose to RM14.5 billion from RM11.1 billion.
Apart its gaming operation, Genting said it expects its power division to remain stable. Its plantation division will be primarily driven by the direction of palm products prices.
This article appeared in The Edge Financial Daily, November 25, 2011.
