Better luck next year. As the “destination resort” bill for 2012 was all
but terminated last Friday, Genting Malaysia (GENM) is unlikely to
receive a casino license in Miami this year. The bill may be
reintroduced in 2013 but with the overall unemployment rate in the
United States falling to a three-year low, its appeal will likely
diminish. Our RNAV-based TP incorporates 24 sen/sh cost of the Miami
property, without the earnings potential. Maintain Hold and RM3.88 TP
for now.
Maybank Research 8 Feb 2012
Click here for full report
No comments:
Post a Comment