It’s been reported that MGM Resorts approached the Lim family expressing interest in a takeover of Genting Singapore but that talks were not fruitful.<\/p>\n\n\n\n\n\n\n\n
Singapore.- Genting Singapore <\/strong>has reportedly been attracting takeover interest as tourists begin to return to Singapore<\/strong>. According to Bloomberg,\u00a0MGM Resorts International<\/strong>\u00a0contacted the company’s controlling shareholder, the Lim family to explore a deal. <\/p>\n\n\n\n It’s said that MGM’s approach didn’t bear fruit but that other potential buyers are now in the early stages of studying a potential approach. Shares in Genting Singapore rose as much as 9.3 per cent<\/strong> on the news, reaching their highest price in nearly two years, sparking trading requests. The company’s market capitalization stands at about S$9.8bn (US$7bn).\u00a0<\/p>\n\n\n\n In May, Genting Singapore<\/a> posted a net profit of SG$40.4m (US$28.9m), up 17.3 per cent quarter-on-quarter and up 16.9 per cent when compared to last year.<\/p>\n\n\n\n Genting Singapore\u2019s Resorts World Sentosa (RWS)<\/strong> has confirmed it will carry out a phased refurbishment from this quarter to 2023. The plan will cover 1,200 units across its three hotels: Hard Rock Hotel Singapore, Hotel Michael and the Festive Hotel.<\/p>\n\n\n\n In February, the company revealed it would spend an aggregate of SGD400m (US$294m)<\/a> this year for phase two of the complex. The improvements are part of a S$4.5bn spending commitment to the Singapore government<\/a> announced by Genting Singapore in April 2019 under which it will retain half of the Singapore casino duopoly until 2030.<\/p>\n","protected":false},"excerpt":{"rendered":" It’s been reported that MGM Resorts approached the Lim family expressing interest in a takeover of Genting Singapore but that talks were not fruitful.<\/p>\n","protected":false},"author":176,"featured_media":21518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM Resorts International reportedly approached the Lim family regarding a potential takeover of Genting Singapore, though discussions were unfruitful. This news, coupled with Genting Singapore's recent profit growth and significant capital expenditure commitments for Resorts World Sentosa, has driven its share price to a two-year high, indicating strong market interest and underlying asset value.","focusai_entities":"MGM Resorts International, Genting Singapore, Lim family, Resorts World Sentosa, Hard Rock Hotel Singapore, Hotel Michael, Festive Hotel","focusai_location":"Singapore","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.75), operator_casino (0.95), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"What drives Genting's valuation?","query":"Beyond the reported takeover interest, what are the fundamental drivers of Genting Singapore's S$9.8bn market capitalization, considering its net profit growth and long-term capital commitments within the Singapore gaming vertical?"},{"label":"M&A impact on Singapore duopoly?","query":"How would a successful acquisition of Genting Singapore by a major international operator like MGM Resorts impact the competitive dynamics, regulatory compliance, and governance frameworks of Singapore's casino duopoly?"}],"footnotes":""},"categories":[157,158,16333],"tags":[23687,16615],"class_list":["post-31792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-genting-singapore","tag-mgm-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=31792"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31792\/revisions"}],"predecessor-version":[{"id":31818,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31792\/revisions\/31818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21518"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=31792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=31792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=31792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}