KUALA LUMPUR (March 19): Neither Genting Bhd nor its 49.5%-owned subsidiary Genting Malaysia Bhd (GenM) were in favour with Lady Luck today, as the gaming counters continued to see declines.

At 9:44am, GenM shares fell 4.25% or nine sen to RM2.03, giving the local casino operator a market capitalisation of RM12.05 billion. The counter saw 3.45 million of its shares traded on the local bourse.

Year-to-date, GenM had depreciated by 38.3%. Today’s trading levels are in sharp contrast to its five-year high of RM6.14.

Meanwhile, shares in parent company Genting were down 2.58% or eight sen at RM3.02, valuing the conglomerate at some RM11.71 billion. It saw some 2.17 million shares traded.

Like GenM, Genting shares have also depreciated significantly.

Year-to-date, Genting has declined by 50.01%. Today’s price levels are certainly well below its five-year high of RM9.99 in June 2017.

GenM has been hit by the current Covid-19 outbreak, as it has temporarily closed its casino operations in Genting Highlands Malaysia and its Resorts Worlds Casino New York City for a fortnight in order to help combat the spread of the virus.

In Genting Highlands, the closure of its facilities includes hotel facilities, food and beverage outlets, its casino, Skytropolis Indoor Theme Park, entertainment facilities, attractions, shopping malls and retail outlets at Resorts World Genting.

The pandemic, combined with domestic uncertainty in Malaysia over the change in government resulting in a possible rise in gaming taxes, has been a driving factor for selling in both Genting and GenM.