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Company Update – Genting M’sia (BUY, maintain) - The New York connection




Affin Hwang Investment Bank Bhd


27 Dec 2012





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Underperformance in 2012 as the Miami dream fizzles away The stock has underperformed the broader market by 14% YTD as pedestrian earnings (lower hold on gaming bets), legislative speed bum in Miami and Malaysia’s impending 13th General Election overshadowed Resorts World New York’s (RWNY) maiden full year earnings contribution. After investing US$442m (or RM1.3bn) in two properties in Miami, it appears that the Group’s ‘Miami dream’ will have to be shelved in the near term. The Florida lawmakers ended 2012 without approving a bill to allow for resort casinos in Miami. Also, GENM stated in a media release recently that it would stop a petition drive (undertaken earlier in the year) to get a casino amendment on the 2014 ballot.

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