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GENTING (3182) GENTING BHD subsidiary Resorts World Las Vegas to deduct back taxes on employees’ tips after 'system error'

KUALA LUMPUR (Oct 11): Genting Bhd’s 100%-owned subsidiary Resorts World Las Vegas LLC said the latter has taken steps to remedy an inadvertent "system error" that resulted in the under-withholding or deduction of taxes on tips received by some employees and that the amounts that should have been deducted will be withheld over the remaining pay periods in 2021.

"While we have fixed the error, we recognise and apologise for the inconvenience this has caused our team members, and will continue to work with them as needed to ensure this is made right for them with the (US) Internal Revenue Service,” casino and hotel operator Resorts World Las Vegas said in a statement which was carried by news websites.

News websites have published Resorts World Las Vegas’ statement after the company’s internal memorandum on the system issues was posted on Twitter, hence leading to reporters’ enquiries on the matter.

According to Resorts World Las Vegas' internal memorandum posted by the Twitter account of Las Vegas Locally on Friday (Oct 8), Resorts World Las Vegas said it had been notified by its employees that taxes were not being withheld from their paychecks.

“Upon extensive investigation, it was discovered that due to system issues, taxes from tips for team members in tipped positions have not been withheld since we opened on June 24, (2021).

“Depending upon the amount owed, the amount withheld will be spread across six paycheques beginning with your Oct 14, (2021) paycheque,” Resorts World Las Vegas said.

Resorts World Las Vegas’ statement and internal memorandum were however not available on its website.

Neither had Genting made an announcement to Bursa Malaysia at the time of writing on Monday (Oct 11).

According to Genting’s website, the Genting group comprises Genting and its listed companies Genting Malaysia Bhd, Genting Plantations Bhd and Genting Singapore Ltd, as well as its principal unlisted subsidiaries Genting Energy Ltd and Resorts World Las Vegas.

Resorts World Las Vegas’ website indicates that the project includes, among others, 3,506 guest rooms and suites and a gaming floor.

"Resorts World Las Vegas, the first resort built on the Las Vegas Strip in more than a decade, officially swung open its doors to the public at 11pm on Thursday, June 24, (2021),” Resorts World Las Vegas said in a statement then.

At Bursa’s 12:30pm break on Monday (Oct 11, 2021), Genting’s share price gained six sen or 1.17% to RM5.17, which values the group at about RM19.9 billion based on the company’s 3.85 billion issued shares.

Genting shares were traded between RM5.16 and RM5.23 so far on Monday.

https://www.theedgemarkets.com/article/genting-subsidiary-resorts-world-las-vegas-deduct-back-taxes-employees-tips-after-system
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