Genting slips on concerns over Singapore casino fine (3182)

KUALA LUMPUR: Shares of Genting Bhd slipped on Monday amid profit taking and also concerns about the impact on its 52%-owned Genting Singapore following a stricter Casino Control Act proposed by the island republic.
At 10.34am, Genting Bhd was down six sen to RM9.79 with 319,600 shares done.
The
FBM KLCI was down 1.18 points to 1,619.37. Turnover was 246.58 million
shares valued at RM174.26mil. There were 216 gainers, 223 losers and
246 counters unchanged.
According to Maybank Kim Eng Investment Research, the much stricter Casino Control Act would be bad for Genting Singapore's business.
The
proposed amendments were that the renewal of the existing two
integrated resorts' (IR) casino licenses would hinge on their
attractiveness as tourist destinations.
Singapore's National
Council On Problem Gambling would be empowered to limit the number of
casino visits by frequent gamblers. The financial penalties would be
substantially raised, from S$1mil currently to up to 10% of annual
revenues. But after amendments to the law are passed, the fines could
potentially exceed S$200mil.