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Company Update – Genting M’sia (ADD, maintain) - Business as usual for now




Affin Hwang Investment Bank Bhd


16 Apr 2013





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RWNY churning superior wins thanks to higher ETG mix Against a backdrop of optimal product mix, wholly-owned Resorts World New York (RWNY) was able to grow its 1Q2013 daily net win by 15.1% qoq and 15.7% yoy to US$416/ machine. We understand that the winning formula is to offer more electronic games (ETGs). Today, there are approximately 900 running live ETGs – accounting for 18% of the total 5,003 slots in RWNY. We have conservatively pencilled in a daily net win of US$361/ machine. And based on an exchange rate of RM3 to US$1, we estimate that RWNY accounts for 13% of Group FY13 EBIT of RM2bn.

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