MAINBOARD-LISTED Genting Singapore faced a heavy selloff in early trading session following Wednesday's announcement by the government that a 50 per cent increase in casino entry levies for Singaporeans and permanent residents will kick in on Thursday.
As at 11.03am, shares in the Casino operator were seven Singapore cents or 6.5 per cent lower at S$1.00 on 87.3 million shares traded. The government will be introducing a tiered casino tax structure with higher tax rates effective in March 2022, on the back of additional gaming provisions for Singapore's two integrated resorts as they commit to a S$9 billion investment to ramp up facilities and attractions over the next few years.
The exclusivity period for both casinos, Genting's Resorts World Sentosa and Las Vegas Sands' Marina Bay Sands , have been extended past the original 2017 expiry date to end-2030 instead.Maybank Kim Eng has lowered its recommendation on Genting Singapore to"hold" with a target price of S$1.12 as the brokerage deems the casino entry levy and tax rate hikes as a"short term pain", but is positive on long-term prospects from Genting Singapore's S$4.
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