Genting Malaysia Bhd is assessing the implications of increased annual licence and duties on its business proceedings as announced during the tabling of 2019 Budget last Friday.
Genting, in a filing to Bursa Malaysia today, said the Ministry of Finance (MoF) had been in touch over the increase in its yearly casino license fee and casino duties respectively.
“Pursuant to the release of the Malaysian Budget 2019, the MoF had advised that the casino licence fee will be revised from RM120 million to RM150 million per annum and the casino duties will be revised up to 35 per cent,” it said.
“The increase in casino duties represents a 10 percentage point increase over existing duty rates. The amendments will take effect from January 1 2019.
“The firm is 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,” Genting added.
