CAMBODIA’S growing attraction as a tourism and casino hub could pose a real challenge to Malaysia’s gaming giant Genting Malaysia Bhd
Genting Malaysia Bhd chairman and chief executive Tan Sri Lim Kok Thay has taken a 20% pay cut from this would amount to about RM10mil.
Samuel Yin Shao Yang, an analyst at Maybank Investment Bank Bhd, said in a note following the move in the lower house of the U.S. Congress: “If a similar bill is passed in the U.S. Senate and President Donald Trump does not veto the bill, the Mashpee Wampanoag tribe can build their First Light Resort and Casino and repay Genting Malaysia.”
Genting Bhd fall in net profit was partially offset by the gain on disposal of Coastbright Ltd, an indirect wholly owned subsidiary of Genting Malaysia.
A superyacht allegedly bought with stolen money from Malaysia’s scandal-hit state investment fund 1Malaysia Development Berhad (1MDB) is set to be sold at a discounted price to casino operator Genting, The Star newspaper reported Wednesday.
the current tax on premium gambling revenue for the 2 casinos stands at 5%, and now that figure will be increased to 8% from 2022. This applies to the first S$2.4 billion of gross gambling revenue, and then anything over that amount will be subject to a tax rate of 12%. In terms of mass gaming revenue, the existing 15% shall be boosted to 18% on the first S$3.1 billion, while anything above that sum will be taxed at 22%.