SINGAPORE (Nov 5): Genting Malaysia suffered its worst one-day fall on record as most analysts downgraded the stock after the government announced Friday that casinos’ annual fees and duties on gross income will be raised.

The Malaysian casino operator tumbled as much as 30%, the biggest drop since its 1989 listing. Its parent Genting fell as much as 12%, the most since 1998. Genting Malaysia was down 20% as of the midday break in Kuala Lumpur while Genting traded 3.8% lower.

Finance Minister Lim Guan Eng announced in his budget speech Friday that the annual fees for casino licenses will be increased to 150 million ringgit ($49.5 million) from 120 million ringgit. He also said the duties on casino gross income will rise to 35% from 25% previously.

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