Genting Malaysia expands

The aim of the game is to boost the earning potential of the Genting gambling giant over the long term. For example, the casino project in Florida is hugely ambitious, situated on a 13.9 acre site, and said to come with a price tag of US$ 236 million (US). Genting already owns 44 casino properties.

Cash holdings have been shrinking and GMB only declared US$ 652.8 million (US) in earnings for the first quarter of 2011. This was down from US$ 1.7 billion (US) at the end of 2009. They are therefore compelled to invest their cash holdings in more profitable “high-growth markets.” In the UK, Gentings’ operations are contributing to their revenue stream, and UK casino ops have generated US$ 19.6 million (US) in profits. These operations are apparently responsible for increasing earnings to more than was expected by the market, despite a highly volatile economy.

This company is seriously betting on more liberal gambling laws from the US and Florida in particular, as well as making it their aim to develop Miami into a mini ‘Macau’. They have also recently developed a gambling project in New York which features 4,500 electronic video lottery terminals, food and beverage retailers, convention halls and other facilities. At this point in time, growth in Asia is also still exciting and offers some enticing long-term prospects for the company, but moving into the international market does present better long-term prospects as a whole.