Genting Malaysia will act to mitigate impact of higher casino licence fee, duties

Genting Malaysia Bhd is assessing the full implications of additional taxes announced in Budget 2019 and will take appropriate action to mitigate their impact. The action includes a review of its marketing expenditure as well as cost structure, it told the stock exchange.

Genting Malaysia said it has been advised by the Finance Ministry that the annual casino licence fee will be revised from RM120 million to RM150 million and casino duties will be revised to up to 35% of gross collection.

“The increase in casino duties represents a 10 percentage point increase over existing duty rates. The amendments will take effect from Jan 1, 2019,” it added.

On Bursa Malaysia today, Genting Malaysia closed 3 sen or 0.83% higher at RM3.64 after hitting limit down on Monday.