No more questions on the ownership of the land and the tribe has the full rights. Lets wait patiently for the possibility of the project revival and there will be no negative impact even if the tribe decided not to proceed with the integrated resort as 1.8bil has been impaired previously.

Abalone have to wait for RWNYC full casino license, Miami land sales, and Mashpee Wampanoag integrated resort impairment reversal, NYM :) Right now is more to recovery picking up momentum with a possible boost from international tourists. A strong gaming and non-gaming results from Q1'24 will help to overcome the headwinds in Q2 - full quarter impact with two gaming facilities shutdown for renovation and additional 2% sst impact on its margins.

Dividend will still be paid, tim foo. Personally, I do not think GenM will stop paying dividend near term and should be expecting min 15 cents per year still. If you look at the statement of equity, retained earnings are way higher than share capital. On the flip side, GenM is paying approx 850M dividend every year based on 15 cents. Looking at the numbers, I do not see any chance going higher than 15 cents per year yet.

Depending on how you look at it, Nick. If we are talking about recovery and making money, yes, GenM has indeed recovered fully to pre-pandemic from earnings perspective; ebitda if you will. Barring any unforeseen circumstances, it will continue to report profitable quarters down the road. The concern is not Q1'24 but rather Q2'24. I was expecting Q1'24 to be better than Q4'23 by ~10% driven by major festive seasons driving higher footfall traffic and higher international tourists for Malaysia segment. The results showing that its flat. Q2'24 is where we will see full quarter impact of two gaming facilities out of action due to renovation. We may see a lower contribution from gaming perspective in Q2'24 for Malaysia segment comparing to Q1'24. There is no news on the estimated duration for the renovation and we can only do necessary risk management to sail through Q2'24.

lets observe whether yield will be attractive enough for funds/insti. I personally think yield is one of the major factors for them :) I dont have any intention to let go my current tickets on hands as i am eyeing the tailwinds though I have averaged it up from 2.45 to 2.50. The yield is still good.

It has nothing to do with share price, Jian Wei. Its a source of funding for GenM. And GenM has the option to redeem early and they have done that in the past. Well, in return of getting the funding, GenM has to pay the interests to the investors of these MTNs. The rate is included in the announcements. Once these MTNs are issued, you will see the non-current borrowings increase by 1.3 bil. It may be deemed as high but the tenure is 5, 8, 10 and 14 years.

The typical quarterly financial report do not have the details for current and non-current borrowings. The only information you can get is the amount and current is due within a year and non-current more than a year. You have to read the annual report to get the details or breakdown of these long term borrowings and its tenure.

yes, i am aware, Mari Gold. That may just provide the opportunity for me to add. Buying the weakness if it is out and sell the strength when it climbs back to top 30 :) Funds/institutions and the BODs should be more concerned compared to small retail investor like me.

Lol, no pun intended but GenM has indeed recovered to pre-pandemic; ebitda if you will. Even the UK and US segment has exceeded the pre-pandemic performance if you will. ~60M adjusted ebitda for UK and US segment each back in Q4'19 and 70M for UK and 150M for US segment based on Q1'24. Mr. Market will eventually price it accordingly to where it should be :) The expectation for net profit has to be right and I personally think it should not be compared to pre-pandemic as there are additional variables that has changed over the years - depreciation and amortisation and finance cost driven by capex, profit/loss from associate and joint venture. Q4'23 performance should be a good baseline to level set the expectation of how quarterly performance should looks like in the near term; high side if you will without the 2 facilities under renovation and additional 14%% empire resort shareholdings. Well, Q1'24 came way lower as there is the forex loss of 166M and flattish revenue from Malaysia segment perhaps driven by the two gaming facilities shutdown for renovations. The forex loss is something that is out GenM's control and it can go both ways. It can be headwind in Q1'24 and tailwinds in Q2 :) You can monitor the USDMYR trend and make your own adjustment accordingly:)

It is 142M as per the report, Ricardo. I called out the 166M loss outlined in the summary table under investment & others as that's one of the culprit that pulled down the adjusted ebitda and forex loss is the major contributor to this 166M loss.

we are relaxed, Nick :) I don't think Mr. Market will be so nice to provide quotations below 2.60 :) A 200M +/- net profit per quarter, PE20 translates to 2.69 relative price. The lower it goes from this point, the more attractive it is.