Wednesday 8 February 2012

RHB Research: Game not over for Genting Malaysia’s Miami project

KUALA LUMPUR (Feb 8): RHB Research Institute is maintaining its Outperform recommendation on Genting Malaysia and maintains is sum-of-parts fair value of RM4.20.

It said on Wednesday that Genting Malaysia’s plans to build a US$3.8 billion 5,200-room resort overlooking Miami’s Biscayne Bay has stalled, as a Florida House of Representatives committee postponed a vote on a bill to expand casino gambling.

“While this may be disappointing news, we believe the game is not over for Genting Malaysia’s Miami project. Management has assured us that the US$3 billion will not be spent unless the casino law is approved, we do not expect there to be any financial impact from this delay,” it said.



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