Gent­ing Malaysia will act to mit­i­gate im­pact of higher casino li­cence fee, du­ties

The Sun (Malaysia) - - SPEAK UP -

PETALING JAYA: Gent­ing Malaysia Bhd is as­sess­ing the full im­pli­ca­tions of ad­di­tional taxes an­nounced in Bud­get 2019 and will take ap­pro­pri­ate ac­tion to mit­i­gate their im­pact.

The ac­tion in­cludes a re­view of its mar­ket­ing ex­pen­di­ture as well as cost struc­ture, it told the stock ex­change yes­ter­day.

Gent­ing Malaysia said it has been ad­vised by the Fi­nance Min­istry that the an­nual casino li­cence fee will be re­vised from RM120 mil­lion to RM150 mil­lion and casino du­ties will be re­vised to up to 35% of gross col­lec­tion.

“The in­crease in casino du­ties rep­re­sents a 10 per­cent­age point in­crease over ex­ist­ing duty rates. The amend­ments will take ef­fect from Jan 1, 2019,” it added.

On Bursa Malaysia yes­ter­day, Gent­ing Malaysia closed 3 sen or 0.83% higher at RM3.64 af­ter hit­ting limit down on Mon­day.

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