Genting Malaysia board considers final dividend for 2018

Genting Malaysia might be preparing to give its shareholders a little bonus. According to the casino operator, the board of directors is recommending a single-tier dividend of about $0.0122 per ordinary share, which, if approved, would be distributed on July 23. Genting’s shareholders will vote on the payout during a board meeting on June 5.

This past February, Genting declared a special dividend of $0.019 in conjunction with its financial report for the end of its latest fiscal year. The company took a hit of $4.8 million last year, compared to a net profit of $284 million a year earlier.

That loss, according to the company’s financial filing was “primarily attributable to the impairment loss of MYR1.83 billion [$427.5 million] on the group’s investment in the promissory notes issued by the Mashpee Wampanoag Tribe.” That impairment came from a failed investment in a Massachusetts integrated resort project.

Genting Malaysia is a unit of Genting Bhd and is behind the Resorts World Genting casino complex near the Malaysian capital of Kuala Lumpur. The company also operates casinos in the UK, Egypt, the Bahamas and the U.S.