Genting Malaysia to review marketing spending, cost structure

KUALA LUMPUR, Nov 7 — Genting Malaysia Bhd (GENM) will review its marketing expenditure and cost structure to mitigate the impact of the increase in casino licence fee and casino duties.

In a filing with Bursa Malaysia, the company said it was assessing the full implications of the additional taxes on its operations and would take the “appropriate next course of action”, including the review.

GENM said the Finance Ministry informed it today that the casino licence fee would be raised from RM120 million to RM150 million per annum and the casino duties would be revised up to 35 per cent effective January 1, 2019.

The proposed increase in casino duties represented a 10-percentage point increase over existing duty rates, it noted. — Bernama