Daily Asia Gaming eBrief: Genting with $1.06B investment in energy sector

Monday 24th of June 2024

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Good Morning. From gaming to energy. Genting Bhd, the largest casino conglomerate in Southeast Asia, is expanding its presence in the non-gaming sector with a RM5 billion ($1.06 billion) investment plan in the energy industry. The company inked two deals with Chinese power and oil-and-gas firms, marking a significant expansion into energy generation. Still, Genting’s President emphasized that these investments do not signify a departure from the company’s core gaming business. Meanwhile, Philippines labor authorities have warned that approximately 22,000 Filipinos employed by legal POGOs in Metro Manila may face unemployment if the online gaming companies are banned in the country.

What you need to know

Despite emphasizing its core gaming focus, Malaysian casino operator Genting expands into non-gaming sectors.
The Philippine labor department warns that a potential POGO ban could lead to 22,000 job losses among legal operators in Manila.

On the radar

Sri Lanka’s high casino tax rate helped bolster state finances: Minister.
Macau visitor arrivals total 2.7M in May, up 22% YoY.
Macau retailer DFS says unpaid leave plan is a 'result of careful consideration'.
Indonesia goes after NAPs to shut down illegal online gaming from PH/Cambodia.
Philippine authorities file human trafficking case vs “POGO Mayor”.
Malaysian regulator defends content removal decisions.

AGB Intelligence

MALAYSIA

Genting to remain committed to core gaming business

Genting Bhd, the largest casino conglomerate in Southeast Asia, is expanding its presence in the non-gaming sector with a RM5 billion ($1.06 billion) investment plan in the energy industry. The company has signed two deals with Chinese firms - a 49 percent stake acquisition in a gas power plant and a $1 billion contract to construct a floating liquefied natural gas facility in Indonesia. However, Genting's management emphasizes that these investments do not signify a departure from the company's core gaming business, which remains its mainstay.

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