Cash is king, especially when times are bad.
Crisis presents opportunity, and those with cash can swoop in and buy whatever they want at a palatable valuation.
In terms of cash-rich companies, Genting Bhd remains as the largest net cash company with RM9bil as of Nov 30, almost unchanged compared with the previous quarter ended September 2017.
It would be interesting to see if the cash position remains in the following year, considering the challenging year it has had.
During Pakatan Harapan’s maiden budget, punitive measures were handed out on Genting when casino duties were revised up to 35%, which is a 10% increase, effective Jan 1.
A month after Budget 2019 was tabled, Walt Disney and the 21st Century Fox decided to abandon the contract to build the first Fox-branded theme park in Genting Highlands on the grounds of default.
Just last week, Wynn Resorts Holdings LLC has filed a lawsuit against Genting’s Resorts World Las Vegas casino project for being too similar in terms of the architectural design.