• 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

Genting Malaysian ops hampered by Covid wave: analysts

May 31, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  


Genting Malaysian ops hampered by Covid wave: analysts

Brokerage Nomura says it is lowering by 17 percent its 2021 revenue estimates for casino operator Genting Malaysia Bhd, due to additional restrictions to stem the further spread of Covid-19 in Malaysia. The institution now expects Genting Malaysia to report full-year revenue of nearly MYR5.25 billion (US$1.26 billion), down from a previous forecast of MYR6.32 billion.

Nomura also said it expected the casino firm to post a net loss of MYR651 million in 2021, higher than the MYR184-million loss it had predicted earlier. It also reduced the adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) forecast for Genting Malaysia by 33 percent for full-2021, to MYR844 million.

Genting Malaysia is the operator of the Resorts World Genting casino resort (pictured) near Kuala Lumpur. The company reported this month a first-quarter net loss of MYR483.6 million, with revenue down 68.1 percent year-on-year, to just under MYR623.4 million.

The company also has casino operations in the United Kingdom and Egypt; and in the United States and the Bahamas.

Last week, the group again “temporarily closed” its casino at Resorts World Genting until further notice, because of a new so-called movement control order imposed by the country’s government as a Covid-19 countermeasure.

Nomura analysts Tushar Mohata and Alpa Aggarwal said in a memo issued last week that given the “current alarming situation of the Covid-19 curve” in Malaysia, and a “slow pace of vaccination” in that country, Genting Malaysia’s domestic operations “might remain depressed for at least another one to three months.”

“Further complicating matters is the government’s recent order to close the casino [at Resorts World Genting] till further notice, with no clarity on what Covid case threshold it needs to see to allow a reopening.”

Meanwhile, the Malaysian government announced on Friday a two-week nationwide lockdown to curb a recent surge in Covid-19 infections in the country. The government stated that most businesses would be shut from June 1, except for essential economic and service sectors.

The country’s return to a hard lockdown comes in the wake of record daily infection numbers that saw cases top 9,000 on Saturday, according to local health authorities.

In its memo, the Nomura team said it believed equity investors would “likely overlook near-term bumpy earnings” for Genting Malaysia, as they are “looking through” to fiscal-years 2022 and 2023. The firm’s prospects “look robust” post-2021, with the Genting SkyWorlds outdoor theme park “scheduled to open (official guidance: third-quarter 2021 now), vaccine availability in key markets, and start of some inbound tourism,” stated the analysts.

The casino group said last week that it was “working towards” the completion “in the third quarter of 2021” of the new theme park at Resorts World Genting.


  • tweet
Related articles
  • South Korea extends travel restrictions on China arrivals
    South Korea extends travel restrictions...

    Jan 30, 2023  

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

    Jan 27, 2023  

More news
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPM
    Macau CNY mass GGR maybe 60pct plus of...

    Jan 31, 2023  

  • Pagcor 2022 income up 66pct y-o-y, tops US$1bln
    Pagcor 2022 income up 66pct y-o-y, tops...

    Jan 31, 2023  


Latest News

Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPM

Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPM

Jan 31, 2023  

Macau mass-market casino gross gaming revenue (GGR) for the recent Chinese New Year (CNY) holidays could have recovered to at least 60 percent of that for the 2019 break, when the festivities were in...
Read More
Pagcor 2022 income up 66pct y-o-y, tops US$1bln

Pagcor 2022 income up 66pct y-o-y, tops US$1bln

Jan 31, 2023  

Junket boss Levo Chan heard okaying illicit bets: court

Junket boss Levo Chan heard okaying illicit bets: court

Jan 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.08 billion

Total income for 2022 reported by the Philippine Amusement and Gaming Corp



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Almost half million visitors to Macau for 7 days of CNY holsAlmost half million visitors to Macau for 7 days of CNY hols January 30, 2023
  • Macau visitor momentum kept for post CNY weekendMacau visitor momentum kept for post CNY weekend January 30, 2023
  • Junket boss Levo Chan heard okaying illicit bets: courtJunket boss Levo Chan heard okaying illicit bets: court January 30, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us