Billionaire Lim Kok Thay Bets $5.5 Billion To Expand New York Casino After Winning New License [Forbes]
GENTING BERHAD SPONS ADR (GEBHY)
NASDAQ:AMEX Investor Relations:
genting.com
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Source: Forbes
“There's a huge potential from the Resorts World New York City expansion,” Samuel Yin, an analyst at Maybank in Kuala Lumpur, wrote in a research note on Tuesday. He estimates net profit from the expanded casino resort will reach 1.9 billion ringgit ($460 million) by 2030. That will be a big boost to the group, whose profits from its properties in Malaysia and Singapore have been softening. Genting Malaysia's net profit tumbled 43% to 251 million ringgit in 2024, while those of Genting Singapore fell 5% to S$578.9 million ($446.3 million) in the same period. The group's New York operations are held under Genting Malaysia, which Lim sought to takeover in a 6.7 billion ringgit ($1.6 billion) bid that was launched in October. Genting Malaysia will remain listed after its parent company secured only 73.1% stake at the close of the offer—just below the 75% needed to take the company private. With a net worth of $2 billion according to Forbes ' real-time data, Lim is one of the wealt
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