Equity Analysis /

MY : Genting Malaysia - The US holds some promise and risks

    Choong Chen Foong
    Choong Chen Foong

    Telecommunication Analyst

    13 April 2021
    Published byCGS-CIMB

    GENM may potentially write-back the Mashpee promissory notes (RM1.8bn or 32 sen/share), if the Tribe resumes development of its casino project. If RWNYC wins a New York downstate casino licence when a moratorium is lifted in 2023, it may enhance GENM’s equity fair value by 42-50 sen/share. If other operators win the downstate casino licences, RWNYC’s GGR may be hit, and so would its contribution (45 sen/share) to GENM’s SOP valuation.