Genting Malaysia Falls Most on Record Amid Higher Casino Levies
- Malaysia lifts gaming tax by 10ppt, annual fees by 30m ringgit
- Move will hurt firm’s earnings by 600m-700m ringgit: Nomura
Photographer: Goh Seng Chong/Bloomberg
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Genting Malaysia Bhd. suffered its worst one-day fall on record as most analysts downgraded the stock after the government announced Friday that casinos’ annual fees and duties on gross income will be raised.
The Malaysian casino operator tumbled as much as 30 percent, the biggest drop since its 1989 listing. Its parent Genting Bhd. fell as much as 12 percent, the most since 1998. Genting Malaysia was down 20 percent as of the midday break in Kuala Lumpur while Genting traded 3.8 percent lower.