Genting Malaysia assessing implication of additional duties

PETALING JAYA: Genting Malaysia Bhd said it is currently assessing the implication of the additional casino duties and fees announced by the government during Budget 2019.

In a filing with Bursa Malaysia, the casino operator said the company has been advised by the Finance Ministry yesterday that the casino licence fee will be revised from RM120mil to RM150mil per annum.

Meanwhile, the casino duties will be revised up to 35%, which represents a 10 percentage point increase over existing duty rates.

Genting Malaysia said the amendments will take effect from Jan 1, 2019.

“We are assessing the full implications of the additional taxes and will take the appropriate next course of action which includes a review of its marketing expenditure and cost structure to mitigate the impact of the tax increases,” it said.

Shares in Genting Malaysia recovered slightly yesterday, after heavy selling pressure on Monday.

Genting Malaysia’s share price closed 0.83% higher to RM3.64 and was on the top three volume list yesterday.

Budget 2019 , Genting Malaysia