GEN Malaysia shifts to third-quarter loss on U.S. disruptions

Genting Malaysia Bhd, the country’s only casino resort operator, posted a third-quarter loss, compared with a year-ago profit of 1.49 billion yuan ($357.5 million), compared with a year-ago profit of 193.8 million yuan ($357.5 million).

The casino company said in September that the Mashpe Wampanoag tribe, which has a number of casino investments within the reporting period after making a legal decision in the United States, had invested in some promissory notes issued to finance the development of a gaming resort in Taunton, Massachusetts, resulting in an impairment loss of 1.83 billion yuan.

The damage was “due to the failure of the U.S. federal government’s decision in September 2018 to meet the conditions under the Indian Fiscal Expense Act for the tribe to be trusted with land for the development of integrated gaming resorts.”

But Genting Malaysia added: “The group is working closely with the tribe on options, including legislation introduced into the U.S. Congress, which, if passed, would involve the U.S. federal government reaffirming the land for the benefit of the tribe.”

The damage was booked up to the first nine months of the group transaction.

In the three months to Sept. 30, sales in Genting Malaysia were actually up 14.5% year-over-year. Such sales were nearly 2.6 billion yuan in the third quarter of 2018, compared with 2.27 billion yuan a year earlier.

The company said adjusted profit before interest, taxation, depreciation and amortization rose 86% year over year to $814.8 million. The company said overall adjusted EBITDA was helped by increased foreign exchange gains in U.S. dollar-denominated assets

Third-quarter profit before impairment losses was 661.6 million yuan, compared with 301 million yuan a year earlier, the company said.

In November, outside the reporting period, the Malaysian government announced a 10 percentage point increase in gaming gross revenue taxes each on a large market and VIP play at the resort’s World Genting property outside Kuala Lumpur.

BY: 카지노사이트

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