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Results Note – Genting M’sia (ADD, maintain) - Below expectations, losses on Bimini start-up




Affin Hwang Investment Bank Bhd


29 May 2014





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Better topline performance 1Q14 revenue increased 8.8% yoy driven by higher volume of business and higher hold percentages from its London and Malaysia casino operations. Malaysia casino revenues were up by single digits in the VIP segment (39% of casino revenues). This is despite a 15% decline in Resort World Gentings visitor arrivals due to the closure of the outdoor themepark and the Arena of Stars, impacting mass market revenues and non-gaming earnings. UK business revenues showed strong performance, up 45% yoy to RM381.5m. RWNY maintained strong performance with a win/machine per day of US$433 (+4%yoy).

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