• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Malaysia 3Q down on 2Q while flagship shut say analysts

Aug 27, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  


GEN Malaysia 3Q down on 2Q while flagship shut say analysts

Genting Malaysia Bhd’s third-quarter results are likely to be worse than the second quarter’s, a period when the group’s flagship casino complex in Malaysia, Resorts World Genting (pictured), was shut during the whole of June as a Covid-19 countermeasure, said banking group Nomura, in a Friday note.

That was on the basis that the shutdown at Resorts World Genting, announced on May 31, had already extended into the first two months of the third quarter, and might last for all of it.

Nomura analysts Tushar Mohata and Alpa Aggarwal estimated Genting Malaysia had a “cash burn” of approximately MYR3.5 million (US$834,900) per day “including interest”, for the resort’s closure.

In the second-quarter results announced on Thursday, Genting Malaysia said it had significantly narrowed its quarterly loss year-on-year, thanks to factors including reopening of its casinos in the United States and the United Kingdom. But it still registered a group-wide loss amounting to MYR348.1 million.

“Malaysian operations still reporting a loss at the EBITDA [earnings before interest, taxation, depreciation and amortisation] level, due to travel bans and a complete shutdown of the casino since end-May which continues till date,” stated the Nomura analysts.

Maybank Investment Bank Bhd reiterated in its Friday note following the second-quarter numbers, that it expected Resorts World Genting “to remain shut for another two months and reopen in November”.

Nomura was a little more bullish on the possible reopening timetable for Malaysia’s only casino resort, located in a upland area outside the capital, Kuala Lumpur.

“We believe that the case for allowing a reopening of the resort by end-September/ early-October for vaccinated visitors is strong, given the high inoculation rates in the surrounding areas of Klang Valley,” wrote the Nomura analysts.

“We think the policymakers are also cognisant that the closure has dragged on for too long,” they added.

Maybank analyst Samuel Yin Shao Yang observed in his note: “With any luck, we gather that losses will narrow markedly in fourth-quarter 2021 as visitors return to Resorts World Genting.”


  • tweet
Related articles
  • Casino tech firm RGB promotes Liew to VP of finance
    Casino tech firm RGB promotes Liew to...

    Jan 19, 2023  

  • Singapore 2023 visits may double from 6.3mln 2022: govt
    Singapore 2023 visits may double from...

    Jan 17, 2023  

More news
  • Available Macau casino tables busy at tail of CNY hols
    Available Macau casino tables busy at...

    Jan 27, 2023  

  • Macau economy to see double-digit growth in 2023: AMCM
    Macau economy to see double-digit...

    Jan 27, 2023  


Latest News

Available Macau casino tables busy at tail of CNY hols

Available Macau casino tables busy at tail of CNY hols

Jan 27, 2023  

Some Macau casinos visited by GGRAsia on Thursday, actually had tables that were closed, notwithstanding strong consumer demand during Chinese New Year (CNY). The reasons for some tables being...
Read More
Macau economy to see double-digit growth in 2023: AMCM

Macau economy to see double-digit growth in 2023: AMCM

Jan 27, 2023  

Macau, APAC early gainers in China tourist return says Fitch

Macau, APAC early gainers in China tourist return says

Jan 27, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


384,600

Aggregate number of visitors to Macau during the first six days of the Chinese New Year holiday break



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • G2E Asia in-person for Macau in 2023, first time since 2019G2E Asia in-person for Macau in 2023, first time since 2019 January 27, 2023
  • Nearly 70k visitors to Macau on 6th day of CNY breakNearly 70k visitors to Macau on 6th day of CNY break January 27, 2023
  • 71pct of Sands China licence spend for venues says parent71pct of Sands China licence spend for venues says parent January 26, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us