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KUALA LUMPUR (March 18): Affin Hwang Capital Research said Genting Malaysia Bhd (GENM) is the biggest loser in the gaming sector, given the government’s recent imposition of the movement restriction order, lowering its target price on the counter.

In a note today, Affin Hwang analyst Ng Chi Hoong wrote that the group’s facilities in Genting Highlands will not be operational for at least 14 days, adding that the group has also halted operations in New York, US for two weeks.

“We are lowering our earnings per share (EPS) forecast for 2020 by 8.4% to factor in the shutdown for its Malaysia and US operations. We have also lowered our sum-of-parts-based 12-month target price to RM1.92 from RM2.10 and maintain our ‘sell’ call,” Ng said.

'Spectacular hotel, casino, themed activities, dressed up service, amazing restaurant, venetian style outfits, beautiful plazas, amazing ice cream flavours, incredible food halls and more.' 'This is Las Vegas in Asia I dine I shop I play I sleep haha😂has wonderful stay this place too very luxurious hotel in town of Macau everything is here. Maryland’s commercial bingo halls are big loser in casino gambling expansion. Waysons Bingo on Thursday, November 08, 2012 in Lothian, Md. Bingo halls in Anne Arundel County have seen a drop in.

As at 12.30pm, GENM rose two sen or 0.95% to RM2.12, giving it a market capitalisation of RM12.59 billion. Year-to-date, the counter has declined 36%.

The analyst estimated that the loss of revenue for GENM would amount to RM250 million for the 14 days it remains non-operational, adding that the new outdoor theme park could see further delays from its initial plans to open in the third quarter of the year, given that construction works have been put on hold.

There could be further downside to GENM’s earnings, in the event that the Malaysian government introduces social distancing in the casino, such as in Macau, which would limit the overall capacity of a casino especially in the mass and premium mass gaming areas.

Some of these measures imposed include that gamblers must remain seated, ensuring that at least one seat is left vacated between gamblers and that only three to four gamblers are allowed to gamble at the same time on a seven-seat gambling table.

“Overall gaming revenue (volume) was already on a decline since early February, as concerns over the spread of Covid-19 in close proximity had started to deter customers from visiting,” said Ng.

Subsequently, Genting Bhd is also negatively impacted by virtue of its 49% stake in GENM, resulting in a lower EPS forecast by 3.5% for 2020, with its target price lowered to RM4.30 from RM4.55.

Genting Bhd was up 1 sen at RM3.24, with a market capitalisation of RM12.51 billion.

However, the analyst upgraded Genting to “buy” from “hold”, on valuation grounds.

Meanwhile, for the number forecast operators (NFOs), the research house sees RM90 million in revenue lost for Berjaya Sports Toto Bhd.

However, it said the impact is relatively insignificant, as the six normal draw days forgone is less than 4% of the 168 available draw days for the year.

It maintained a “sell” call on the stock with an unchanged target price of RM1.76.

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Berjaya Sports Toto last traded down 4 sen or 1.83% to RM2.14, with a market capitalisation of RM2.81 billion.

– Enjoy the schadenfreude of the most spectacular casino catastrophes ever

When it comes to high rollers they don’t get much higher than celebrated Ceasar’s Palace whale Terry Watanabe. Terry lost over $120 million in just one year in 2007 and an eye-watering $205 million in total. The Chinese businessman would attract tourists from miles around who would come just to watch him play.

Some of his play on the blackjack table was notoriously bad as he would sit playing three hands simultaneously on the $50,000 limit table, often hitting even when he was on twenty, hoping for an ace. To top it all off the casino ended up suing him for $15m in unpaid debt – despite having taken over a hundred million dollars from him already!

Kerry Packer

Australian media tycoon Kerry Packer recorded the single biggest losing streak in UK casinos history when he went on a three-week bad luck streak in 1999 losing nearly £20m. As if this weren’t bad enough one night in London he simply walked into a casino on his own, wagered and lost £15m on four roulette wheels then nonchalantly walked out again.

Josef Reiner

Austrian casino player Josef Reiner was so scared of facing his wife after blowing thousands of dollars on the roulette table at his local casino that he faked an assault on himself in order to claim he’d been the victim of a robbery. Loser Josef smashed his own face in with an iron bar, breaking his nose and jaw and finally his arm. Doctors called police after he confessed. The couple remains married.

Frank Sarakakis

Roulette is a game where you can quickly get panicked into chasing losses and doubling up every bet to try to recoup what you’ve lost. It’s the quickest way to lose money in a casino and if you’re a high roller the amounts can be eye-watering – Greek automobile tycoon Frank Sarakakis lost £8m over the course of a year in 1994 at the Crockfords gambling house in London. He lost a similar amount in 1988 at the Ritz casino.

Robert Maxwell

The late media tycoon and fat crooked bastard Robert Maxwell made one of the quickest and biggest casino losses of all time while playing at the Ambassadeurs casino in London. Whilst playing three roulette wheels at the same time he managed to lose £1.5 million in under three minutes by trying to chase his huge losses. That’s about £8000 a second!

Faoud-al-Zayat

Syrian loser Faoud-al-Zayat seemed to get a taste for big losses when he tried his luck at London’s Aspinall’s casino on his favourite game, roulette. He opened his account with £500,000 in chips and lost the lot in a crazy opening fifteen minutes of play. He promptly purchased another £500k in chips and lost it all again almost immediately. That night he lost £2.25m in total but this didn’t put him off. He went on to become a regular at Aspinall’s for several years, losing countless millions. After he found himself £4m in the red a UK court ordered all his assets frozen which included a 747 jumbo jet.

Mr C

In 2010 the winner of a progressive jackpot at Jackpot City online casino refused to collect his winnings of $4444. Why would anyone do that? Well the player, who is known only as Mr C, is Chinese and this combination of numbers is considered highly unlucky. Numerology and casinos are never a good combination!

Akio Kashiwagi

Akio Kashiwagi, a Japanese property developer, was known in 1992 as the world’s biggest gambler. Like most high rollers his game of choice was baccarat and he holds the record for the biggest baccarat loss in history when he lost $10m in one session at the Trump Casino. He was stabbed to death outside his home shortly afterwards.

Archie Karas

It’s hard to know whether to label legendary casino gambler Archie Karas as a loser or a winner. He arrived in Vegas with $50 and turned it into over $40m with a combination of baccarat, poker, pool and dice but then went on to lose it all. At the height of his winning streak, even the best poker players in the world were too scared to play him because of the huge stakes he’d play for.

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John Terry

Chelsea captain John Terry was within one penalty kick of winning the European Cup final in 2008, he only needed to score from the spot and Chelsea would win the cup for the first time in their 100 year history. This was a particularly important moment for Russian billionaire owner Roman Abramovic who had spent hundreds of millions trying to secure the trophy. As Terry ran up he slipped and missed the penalty, losing the match. This has nothing to do with casino gambling but I thought I’d mention it anyway.

Jimmy White

Loveable cockney snooker player Jimmy White has earned over £6m over his career, despite being one of the most famous losers in sport, having got to the world final six times and never winning. Jimmy blew most of it on casino blackjack with the rest being ‘squandered on horses, women and poker’.

Omar Siddiqui

Some gamblers will go to desperate lengths to play at the highest stakes, with all the perks that go along with it. Omar Siddiqui was a modestly paid executive at an electronics company but set up a huge skimming fraud whereby he could siphon off millions of dollars in kickbacks. All this money went on casino gambling where he lost at least $65m, with his favourite wager being $200,000 hands of blackjack. He faced 140 years in jail but made a plea bargain with the IRS. This won’t save him from the wrath of the casinos though – he is being sued by casinos right across America for unpaid gambling debts.

Archie Karas

There’s no better way to finish this page than with a quote from the legend Archie Karas:

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“You’ve got to understand something. Money means nothing to me. I don’t value it. I’ve had all the material things I could ever want. Everything. The things I want money can’t buy: health, freedom, love, happiness. I don’t care about money, so I have no fear. I don’t care if I lose it.”