Playtown Two-Co Model

Live tradeoff explorer. Adjust the Operator Fee, Events, and Multi-Site levers — Asset Co and Marketing Co recompute instantly.

How the structure works: Marketing Co operates Playtown Rawang and pays Asset Co an Operator Fee (fixed base + variable % above threshold). Asset Co holds the tenancy + fixtures and distributes the operator fee net of Lowyat rent. Marketing Co's growth story: Playtown Rawang naturally decays after Y7 peak — but Marketing Co keeps expanding via (a) Events business growing continuously (ramp + perpetual post-ramp growth), and (b) Multi-site rollout (Site 2 Y6, Site 3 Y8 by default). These two engines offset Playtown Rawang's tail and drive "explosive" returns.

Operator Fee Structure — the load-bearing decision

Y1 base fee

Y2 base fee

Y3–Y5 base fee

Y6+ base fee

Variable %

Threshold (gross rev)

All figures in RM '000. Variable kicks in on gross revenue above threshold.

Asset Co — Yield Generation

Terminal value (Y12)

Asset Co overhead

IRR (12-yr)

–

MOIC

–

Payback Year

–

Cum. Distributions

–

Year-by-year P&L

Marketing Co — Explosive Returns

External Events Business (continuous expansion)

Start year

Y1-of-events rev

Ramp growth %/yr

Ramp target rev

Post-ramp growth %/yr

EBITDA margin

Multi-Site Expansion (Licence/Mgmt fees)

Site 2 opens

Site 3 opens

MarCo fee % per site

Per-site Y1 gross rev

Per-site stable gross rev

Marketing Co Terminal

EBITDA exit multiple

Set to 0 for strict no-exit IRR. 8–10x is the standard operator/brand acquirer multiple; 6x is conservative; 12x+ requires a defensible growth story.

IRR (12-yr)

–

MOIC

–

Payback Year

–

Terminal Value

–

Year-by-year P&L

Consolidated Check & Assumptions

Baseline (from Financial Model 11MAY2026, all RM '000): Consolidated EBITDA cumulative = RM25,135k over 12 yr. Asset Co invests RM7,000k (RM5,000k Phase 1A + RM2,000k Phase 1B). Marketing Co invests RM2,000k (software, professional fees, ADEX, opening payroll). Lowyat lease paid by Asset Co. Asset Co also funds renewal CAPEX (Y5: RM300k, Y8: RM500k, Y10: RM250k). Depreciation RM700k/yr Y1–Y10 in Asset Co. Tax 24% on positive PBT (no loss carry-forward modeled — conservative). RPS RM1.2m treated as financial liability (MFRS 132) and **fully allocated to Marketing Co**: 8% coupon = RM96k/yr Y2–Y6 finance cost in MarCo P&L; principal redemption RM1.2m at end of Y6 = RM1.2m cash outflow from MarCo (no P&L impact). Asset Co has no RPS exposure. Terminal values are notional Y12 mark-to-market (Asset Co: residual fixtures + tenancy goodwill estimate; Marketing Co: multiple × Y12 EBITDA). Set Marketing Co multiple to 0 for a strict "no-exit" IRR.