KUALA LUMPUR (April 27): Genting Malaysia Bhd’s proposed US$1.225 billion (RM5.433 billion) land divestment in Miami is set to reinforce the group’s financial strength in its bid for a downstate New York gaming licence. Genting Malaysia originally bought the Miami Herald land for US$246 million in 2011. Genting Malaysia is bidding for a New York table gaming licence, and the projected capital expenditure is US$1 billion,” they added. The disposals, which require shareholders’ approval, would enable Genting Malaysia to recognise an estimated gain of US$967 million. “Thus, the sale of the aforesaid property will not negatively impact our Genting Malaysia earnings estimates materially,” he said.

Source: The Edge Markets April 28, 2023 15:16 UTC