World Sentosa (RWS which is the anchor of Gentings Singapore leisure and gaming operations, recorded higher revenue in the quarter due mainly to the stronger Singapore dollar compared to the ringgit. During the quarter ended March 31, 2017, Genting, which has operations in Singapore, UK and the US apart from Malaysia, registered a 360 rise in net profit to RM603.06mil compared with RM130.83mil in the corresponding period last year. It also said genm has seen an encouraging improvement in performance at Resorts World Birmingham and has recently announced plans to introduce new attractions such as virtual reality games, which will be new to the. Petaling jaya: Genting Bhd registered a set of strong numbers in the first quarter, thanks to its operations from outside Malaysia that helped the group to enjoy significant gains from the weak ringgit. The groups profit before tax was RM1.46bil, a significant increase compared with RM542.7mil last year.
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The UK operations also saw a decline of 21 in its profit contribution due to the weak sterling pound against the ringgit. Gens was also allocating resources in tandem with the progress of the Japan IR Execution Bill, which will pave the way for the formal bidding process of a gaming licence in Japan. The House of Councillors of the Japanese Diet passed the Integrated Resorts (IRs) Implementation Bill, the last of three bills needed to legalise the Japanese casino industry. Moving forward, the research house noted that Japan will set up a casino control commission and set about 300 additional regulations as well as a request for proposal (RFP) process for gaming operators and prefectures that are expected to submit joint bids. This was on a revenue of RM4.77bil in the first quarter compared with RM4.7bil in the corresponding quarter last year. Maybank Kim Eng Research maintained its buy call, estimates and.46 target price on the counter. Genting Singapore, meanwhile, will also enjoy robust earnings this year as the Resorts World Sentosa (RWS) casino shifts from cost rationalization in 2017 to VIP market recovery in 2018, according to Maybank. Malay Mail Online report, the three grandchildren of Genting Group founder Tan Sri Lim Goh Tong sued Genting chairman and chief executive Tan Sri Lim Kok Thay and Datuk Lim Chee Wah for allegedly removing them as beneficiaries of a family trust. The dispute over the family trust has reportedly branched wie kann man mit internetseiten geld verdienen out into several other legal battles, such as Lim Siew Kims case against her brother Kok Thay over the beneficial interest in a block of Genting stock. Among salient points of the bill are the cap of three IRs during the first stage of liberalisation, the casino floor area is capped at 3 of total floor area and the gaming tax rate is set at 30 of GGR. Gentings operation in the US is another segment of its business that enjoyed higher revenue and ebitda and contributed positively to its bottom line. Genting benefited from the improved operations and stronger Singapore and US currencies while the profit contribution from its Malaysian leisure and hospitality operations was marginally lower.