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More Casinos to Impact Asia

16 August 2004

SINGAPORE– As reported by the Malaysian Star: "The opening of more casino industries in the Asian region will present more opportunities for operators to expand but it could also pose a threat to their existing businesses due to increased competition, according to GK Goh Research.

"It noted that since news of potential casino liberalisation in Singapore and Thailand broke, the share prices of Resorts World Bhd and Genting Bhd had fallen by 19%-23%, wiping out RM2.3bil (US$605.2 million) and RM3.2bil (US$842.1 million) from Resorts' and Genting's market capitalisation respectively.

"…Although the advent of new casinos in the region may divert some of the foreign grind players (tourists who are not serious gamblers) especially Singaporeans from the casinos in Genting Highlands, GK Goh feels that Genting's strong brand name and domestic customer base will cushion its earnings from increased competition.

"…GK Goh said Genting has also expressed interest to operate in Thailand and Singapore if licences were up for bidding.

"…Other than casino operators, GK Goh is also bullish on the prospects of gaming machine distributors and manufacturers in the region…"

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