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Genting Singapore PLC is an investment holding company. The principal activities of the Company include the development and operation of integrated resorts, operation of casinos, provision of sales and marketing support services to leisure and hospitality related businesses and investments. The operations in Malaysia, Alderney and other geographical areas in the Asia Pacific are sales and marketing services, online gaming and information technology services. On 27 December 2011, it incorporated Legold Pte. Ltd. On 8 December 2011, it incorporated North Spring Capital Blue LLC, North Spring Investments LLC and Pacific Sky LLC. On 28 December 2011, it acquired Dynamic Sales Investments Limited, Grand Knight International Limited and Greenfield Resources Capital Limited. On 12 September 2011, it acquired Blue Shell International Limited. On 4 November 2011, Calidone Limited and Star Cruise (C) Limited disposed their interest in WorldCard International Limited and its subsidiaries.

  • Market News
BREAKINGVIEWS-Crown’s China troubles upset Melco’s grand gamble
6 August 2019
source: reuters.com
 (The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Katrina Hamlin
    HONG KONG, Aug 6 (Reuters Breakingviews) - Crown Resort's
 CWN.AX  troubles in China could throw Melco’s game. Fresh
allegations around the $5 billion Australian casino group's
dealings with Chinese high-rollers have drawn scrutiny Down
Under. That's unfortunate for new shareholder Melco Resorts and
Entertainment  MLCO.O , which had hoped to use its stake to
expand further beyond Macau. Instead, boss Lawrence Ho seems to
have added to investors’ growing list of worries.
    The Sydney Morning Herald and The Age, two newspapers, and
television show "60 Minutes" laid out charges that, among other
things, Crown flouted rules in order to lure big mainland
gamblers to Australia. The company, the reports said, hired
travel agents with ties to drug traffickers to bring in the top
spenders, among other things. Crown has refuted the charges. The
details were still damning enough to attract the attention of
Australian regulators and politicians. 
    It’s bad news for Melco, fresh from striking a deal to buy a
fifth of Crown for $1.2 billion. The investment should have been
a win for Ho. It was part hedge against a slowdown at home –
Macau’s gross gaming revenue fell by 3.5% in June from a year
earlier – and part leap abroad. Pairing up with a major overseas
player was intended to burnish Melco’s bona fides, as it races
for a license in Japan’s nascent gambling market.
     A scandal changes the odds. By the end of Monday, Crown’s
shares had fallen almost 10% to A$11.41 since the story broke on
July 27 – below the A$13 Melco agreed to pay for its stake. It
has, along with wider China concerns, wiped almost $600 million
off the Australian company’s market value. 
    But it’s about more than paper losses. Cautious officials in
Japan, Asia’s newest gambling market, are expected to favour
operators with experience in heavily-regulated jurisdictions
such as Australia. But perhaps not when there is a shadow of
improper behaviour. Japan can afford to be picky, because it is 
spoiled for choice – Las Vegas Sands  LVS.N  and MGM Resorts
 MGM.N  are jostling for one of just three concessions, as are
Genting, Galaxy Entertainment  0027.HK  and others. 
    Crown’s fortunes continue to rest with Chinese gamblers: it
will be counting on them to fill a bling new resort in Sydney.
Melco and fellow investors are unlikely to see their luck change
    On Twitter https://twitter.com/KatrinaHamlin

    - Casino operator Crown Resorts on July 31 denied wrongdoing
in its efforts to encourage Chinese gamblers to travel to
Australia, after a media investigation. The group denied it
flouted visa rules, after the government ordered an inquiry into
immigration officials' dealings with the company.
    - Newspapers The Age and The Sydney Morning Herald together
with television show “60 Minutes” have released details of their
investigation into the company since July 27. The reports allege
Crown hired travel agents with ties to drug traffickers to bring
in the gamblers, knowingly allowed the gamblers to launder money
at its casinos and pressured immigration officials to fast-track
    - Melco Resorts & Entertainment said on May 30 that it had
agreed to buy 19.99% of Australia’s Crown Resorts for A$1.76
billion ($1.22 billion).
    - Crown’s shares had fallen by 9.9% to A$11.41 by the close
on Aug. 5, compared with July 26. Melco Resorts’ shares fell by
18.3% to $19.57 in the same period.  
    - For previous columns by the author, Reuters customers can
click on  HAMLIN/  
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe

The Sydney Morning Herald articles    https://www.smh.com.au/topic/crown-unmasked-1n3o
Australia to probe claims Chinese gamblers' visas were
fast-tracked for Crown Resorts     urn:newsml:reuters.com:*:nL4N24V1F6
Directors of Australia's Crown Resorts attack "deceitful
campaign" in letter     urn:newsml:reuters.com:*:nL4N24W2MP
BREAKINGVIEWS - Odds are on for Macau mogul’s gutsy global play 
BREAKINGVIEWS - Macau mogul picks up Crown jewels for a song   
BREAKINGVIEWS - Australia’s Crown could be Plan B for Japan
losers     urn:newsml:reuters.com:*:nL3N21U0G9
 (Editing by Clara Ferreira Marques and Sharon Lam)
 ((katrina.hamlin@thomsonreuters.com; Reuters Messaging:
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