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.
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.
