Both engines are running well now.

Myeg has Agmo Studios.
Compare to Multisys?

Multisys is Philippines rising and leading star company.
Philippines is a good and very potential market.

First high rise in Kajang 2.

JAPANESE INSPIRED LIVING MIRAI Residences is a joint venture project between MKH Berhad and Panasonic. MIRAI Residences provides you and your family a Japanese-inspired tranquil living boasting 24-hour 6 tier security system, 159,000 sqft facilities podium and first-in-Malaysia home with Energy Recovery Ventilator (ERV) System. This home improves the quality of living by providing Quality Air For Life through cutting edge technology of air ventilation supplied by Panasonic. A zen lifestyle without sacrificing convenience, MIRAI Residences is situated in Kajang’s 2 with easy access to your daily needs such as shopping malls, train stations, education hubs, medical centres and surrounding highways for easy travelling.

Philippines is a good market!

Going by record if net can break 100 mil dividend can 7 sen.
Next year even better.

Why share buyback so aggressive ?

Debts at Empire are potentially due for restructuring as the current interest rates are too high.

https://www.casinobeats.com/2019/11/01/genting-live-casino-a-key-part-of-our-digital-strategy/

It is was right thing that TS Wong did not defend aggressively through buy back when the share price fell sharply. This way it is more convincing!

For sure performance has improved!
https://www.gaming.ny.gov/pdf/finance/Resorts%20World%20Catskills%20Casino%20Weekly%20Website%20Report.pdf
https://www.gaming.ny.gov/pdf/finance/Web%20Site%20Weekly%20Report%20-%20Nassau%20OTB%20at%20Resorts%20World.pdf

Guess an answer to cash pile which has been piling up quite strongly.

https://www.gaming.ny.gov/pdf/finance/Resorts%20World%20Catskills%20Casino%20Monthly%20Commercial%20Gaming%20Report.pdf

Sit back and relax ...
.... A manageable 95 miles away from New York City, Resorts World stands watch over the Catskills Mountains, and is visible miles before one’s wheels roll into the parking lot like a pair of dice thrown from a hopeful hand.

https://www.forbes.com/sites/michaelalpiner/2019/09/30/resorts-world-catskills-is-a-safe-bet-for-travelers/#19250f955ef3

Gunmen are at work. Just buy when it dips.

patient_Alan

patient_invest Alan, if you are a long term investor, you should keep quiet
let people create fear. then you buy cheap

From your aggression, people know you don't have holding power. Relax
27/09/2019 7:54 AM

When Pennsylvania (the first U.S. states) introduced mobile sport betting recently, the sport wagering revenue jump.
Very potential stream of revenue!
https://gamingcontrolboard.pa.gov/files/revenue/Gaming_Revenue_Monthly_Sports_Wagering_FY20182019.pdf

Closing down Monticello Raceway facility was a good decision.
Historically very low Win VGM per day
Not a good quality asset.
https://www.gaming.ny.gov/pdf/finance/Web%20Site%20Report%20-%20Monticello%20Casino%20&%20Raceway.pdf

RWC says please come to play Baccarat and Blackjack. Other casinos no play these games.

One way Lim hopes to turnaround Empire’s fortunes is by bringing more electronic gaming nearer to the city. Genting’s electronic slots at Aqueduct Racetrack in Queens have been wildly successful in recent years. And Empire plans to seek state gaming commission approval to place a digital gaming parlor in Orange County, with the former Nepera Chemical complex in the Village of Harriman under consideration as a site.

Before NFL season begins, Resorts World Catskills also intends to introduce sports betting, though state law will only permit bets to be placed at the casino in Thompson. And the first nine holes of the casino’s revamped Monster golf course will soon be complete.

Of late, another bright spot for the casino has been a rise in gross gaming revenues for slot machines, which surpassed $11 million per month, respectively, in May, June and July, according to the state Gaming Commission. That’s up from as low as about $6 million per month in the past.

The casino’s daily per machine winnings averaged a healthy $236 last month, after Resorts World Catskills shed machines, dropping to 1,600 in May from 2,157 when it opened. A new poker area recently replaced the empty space.

https://www.yogonet.com/international/noticias/2019/08/13/50642-resorts-world-catskills-owner-considers-prepackaged-bankruptcy

I do see operational improvement in Q2 despite still making losses. Gaming, hotel and F

Thx for sharing.. Boostmy.. very good analysis and insightful

https://www.casinoreports.ca/2019/08/06/resorts-world-catskills-cuts-ribbon-on-ny-largest-poker-space/
Sports Betting Starts Soon
Resort World Catskills is currently preparing for the official launch of sports wagering on site of its casino venue, as it is among the four commercial casinos to host such. It is going to join seven tribal gaming locations as well, some of which have already greenlighted legal sports wagering operation. The casino location is about to team up with international giant bet365.

https://www.yogonet.com/international/noticias/2019/08/06/50568-ny-resorts-world-catskills-unveils-enhanced-poker-room
Resorts World Catskills Casino Resort announced Monday that its new 7,000-square-foot poker room, located on the main casino floor, is now open.

Thank for sharing

https://klse.i3investor.com/blogs/boostmy/218521.jsp
Genting Malaysia: A Case of Buying at The Bottom

1. Background. The media, analysts and shareholders are up in arms over Genting Malaysia’s 49%-stake purchase of Empire Resorts Inc for USD180m, which chiefly owns and operates the Resorts World Catskills integrated casino. This has caused the share price to take a 10% hit.

2. RPT the major concern. Despite being a related party transaction (RPT), the deal can proceed without minority shareholders’ approval. While technically allowed, as conditions for an EGM are skirted, the move leaves a bad taste to minorities who have no voice in deciding on a “material” acquisition. By and large, the counterparty for the stake is none other than the controlling shareholders, whom investors fear are bailing out a loss-making company, whilst cashing out through reducing their direct stake. This, I believe could be seen 2-ways, depending on the future performance of Empire Resorts – if it turns out to be profitable with decent ROE’s, then the controlling shareholders should be commended for sharing some of this upside with minorities. However, if it turns out to be a bust, then, by all means, investors should grab their pitchforks and storm the next AGM.

3. Still in gestation. Aside from that major concern, the company looks to me as a potential turnaround story or an early-stage growth company. The main asset, Resorts World Catskills was only completed in February 2018, and is only in its second year of operations. New attractions such as an indoor water park was recently opened and a golf course will be added in 2019/2020. A new poker room was only launched days ago, and sports betting only commenced in July 2019. This indicates that there could be upside to the business.

4. GGR on an uptrend. While the property is loss-making, GGR trends are encouraging. Total monthly GGR hit USD20m for the first time in June 2019, representing a 54% growth versus June 2018 (graphs 1 and 2). For the second quarter of 2019 (graph 3), total GGR breached the USD50m for the first time, an increase of 45% yoy and 14% qoq. Meanwhile, this does not take into account revenues from other sources such as racing, F&B and hotel rooms which formed 22.6% of revenue according to its latest 10-Q filing. The link to the data is provided below.

5. Fears of Empire Resorts dragging down earnings could be overstated. It would, in my view, be lazy to assume a similar loss reported in FY18, and apply it to FY20 forecasts. First, the casino only opened in February 2018, hence it is not a full year contribution. Second, GGR for 1H19 already forms 81.6% of FY18’s total GGR. If annualised assuming no sequential growth in 3Q and 4Q19, FY19’s GGR is set to increase 63% yoy. This does not take into account the company’s growth potential in FY20, which will be a full year contributor to GENM. Third, sports betting which commenced in July 2019 has yet to be reflected in numbers -- and sports betting is a significant business. Fourth, lower costs from synergies have not been factored in.

6. Getting in on the ground floor. Seen positively, the acquisition could allow investors an early ride on a fairly new asset with growth/upside potential. While some might balk at the USD180m price tag (for 49%), which may look steep at 1.89x book value, they forget that Empire Resorts Inc is a listed company. And privatisation exercises of listed companies, especially in the US, are typically transacted at a premium to its last-closing share price. In this case, however, the premium was only negligible. In fact, the deal can be considered attractive as most negatives are reflected in its share price. In effect, investors could be buying at the low (would you rather pay high premiums for mature assets, or pay a reasonable price for a growth asset?). In addition, the cost of investment for Resorts World Catskills was quoted at USD1.2bn. Valuing 100% of Empire Resorts Inc at USD360m could be a steal.

7. Closing remarks. While the deal might not appear positive, especially in the near-term, I don’t believe it is that destructive to Genting Malaysia’s value to the tune of 10% or RM3.15bn. Most of the risks associated with starting a new casino such as obtaining approvals/licensing, delays in construction, cost-overrunes and even first year which bears higher start-up cost have already been lifted (yes, the major shareholders have already borne those risks). If any, investors gain entry to a vehicle with mostly upside potential.

Source:
https://www.gaming.ny.gov/pdf/finance/Resorts%20World%20Catskills%20Casino%20Monthly%20Commercial%20Gaming%20Report.pdf
https://empireresorts.gcs-web.com/static-files/6451a1a6-497c-44ad-a1c2-2036933ce4e2

Thank for sharing

On good side it is a way to regulate related party transactions which anyway will still be rendered by GENM. No way it is done separately.
On risk side, the management has not provided clarity to earnings potential of the Empire business.

25% drop in profit is very alarming. Worsened by drop in sale.

Expect dismal performance in 2019.

USD borrowing cost will also increase now with higher dollar.
Hate situation to be in. Top line is restrained by the hedging while borrowing costs is exposed to higher dollar.

Not the time to buy.
Hedging entered will be a drag to future profit. The amount is quite huge.

Funds are collecting the shares

Another mass game Myeg is in - Automotive
Car registration also higher this year.

FDI into Malaysia is encouraging.

Stay focus!
Myeg is potentially a beneficiary of trade war.
Why? More foreign workers needed.

Everyone queuing to buy esos shares

If you have time, visit the Myeg Tower Powerhouse that houses many disruptive companies.

The more disruptive the better.

Disruptive investments by Myeg. Potentially windfall.
- Studios Agmo
- Fashionvalet
- Hurr TV
- Ximmerse
- Stampede Solution
- PT Cartenz
- Jingle Magic
- EForce

Strong dollar is good when overseas sales are increasing.

Happy to hold more
Defensive and resilient business model.

Good return on dividend.
Better than FD.

Export sales saving domestic sales.
Q2 results resilient considering tough environment.
Decent operating cashflow.

New Chairman soon

Sad to see the ESOS!

Who bought? What price? Still has stake 31%.

Another volume game is the automotive industry that Myeg is benefiting.
We have 50k to 60k new car added every month notwithstanding the existing number of car already on the road. Just go taman-taman to see yourself the number.
You need road tax and insurance right?

And it is trade war very potential beneficiary!
Many producers move to Malaysia. ECRL and MRT3 projects kick start going to require services from Myeg.

If needed, the company can settle all borrowings with 6 months cash flow. That is how strong the cash flow generation it has been.
Note the company has spent RM121 million for its treasury shares in less than a year.