• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Reopened Malaysia IR aiding Genting rebound says Nomura

Sep 17, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Reopened Malaysia IR aiding Genting rebound says Nomura

Resorts World Genting, Malaysia’s integrated resort (IR) with the country’s only licensed casino, is aiding Genting Malaysia Bhd’s rebound, and might see that firm make a recovery in earnings before interest, taxation, depreciation and amortisation (EBITDA) by as early as the fourth quarter. That is according to commentary in a Nomura research report on Malaysia equities, issued on Thursday.

Bursa Malaysia-listed Genting Malaysia, which also has overseas casinos, recorded negative adjusted EBITDA by MYR486.2 million (US$117.5 million) in its loss-making second-quarter results, published last month.

But Resorts World Genting, in an upland area outside the capital Kuala Lumpur, had seen “encouraging” numbers of visitors since it reopened in June, reiterated Nomura.

The complex had reopened on June 19, after being shuttered since March 18, as part of that nation’s measures against Covid-19.

The property (pictured) was receiving “40,000 visitors per day now,” and had “90 percent hotel occupancy,” based in the “approximately 50 percent” room inventory currently open, noted Nomura.

According to the latest information on the resort’s website, the gaming areas SkyCasino and Genting Club, are still only open to Genting Rewards members. The venue adds that such players are only able to gamble with what it termed “e-cash”, rather than paper money. Players do so by charging in advance their rewards card with cash value.

Aside from the mandatory use of a face mask, guests are now required to use a Covid-19 contact-tracing application before entering Resorts World Genting.

Nomura nonetheless said in its Thursday commentary, that Resorts World Genting benefitted from “low dependence on foreign clientele”.

Last month, Malaysia’s tourism minister was quoted saying the country might not open its borders to foreign tourists until next year, due to the pandemic. Earlier this week, Malaysia’s Prime Minister said the country might have to retighten community-movement restrictions if the tally of fresh Covid-19 cases rises more acutely.

The Nomura report authors stated: “We expect Resorts World Genting to stage a gradual recovery over the coming quarters, with a sharp inflection come financial-year 2022, with the opening of the theme park.” The latter was a reference to a long-awaited outdoor theme park, anticipated to draw further crowds to the resort.

Nomura observed on Thursday that the “official timeline” for the theme park was “mid-2021,” but was “prone to slippages”.

The institution said in further commentary, referring to Genting Malaysia gaming at home and overseas: “All of Genting Malaysia’s major casinos are now operational again, as [Resorts World] Catskills and [Resorts World Casino] New York City, reopened on 9 September.”

Genting Malaysia “should” see a “turnaround” in terms of EBITDA “from the fourth-quarter results season” this year.

Nomura said however that Genting Malaysia’s stock was “likely to face overhang” from the Empire Resorts [Inc] recapitalisation”, in the U.S., announced recently. But the institution said the likelihood of struggling Genting Hong Kong Ltd, a Genting group unit that runs casino cruise ships, requiring a “bailout”, was “lower now” than previously.


  • tweet
Related articles
  • Visitors stayed longer in Macau in 2020, says govt
    Visitors stayed longer in Macau in...

    Jan 20, 2021  

  • Investors see 2H Macau gain, rebound 2022: Bernstein
    Investors see 2H Macau gain, rebound...

    Jan 19, 2021  

More news
  • Melco likely to take on more debt for expansion: Moody’s
    Melco likely to take on more debt for...

    Jan 20, 2021  

  • Suntrust gets OK for unit handling hotel, tourism biz
    Suntrust gets OK for unit handling...

    Jan 20, 2021  


Latest News

Melco likely to take on more debt for expansion: Moody’s

Melco likely to take on more debt for expansion: Moody’s

Jan 20, 2021  

Moody’s Investors Service Inc says it expects the ratio of adjusted debt to earnings before interest, taxation, depreciation and amortisation (EBITDA) of Macau casino operators Melco Resorts and...
Read More
Visitors stayed longer in Macau in 2020, says govt

Visitors stayed longer in Macau in 2020, says govt

Jan 20, 2021  

Suntrust gets OK for unit handling hotel, tourism biz

Suntrust gets OK for unit handling hotel, tourism biz

Jan 20, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The increased focus we can now bring to our gaming and amusement business [after a spin-off of the firm's cash-handling product business] will bring us closer to the customer as we align our offerings more directly with their needs"

Sim Bielak

Global president of casino equipment supplier SuzoHapp



Most Popular

  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino op MGM China to pay most staff discretionary bonusCasino op MGM China to pay most staff discretionary bonus January 18, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Wakayama casino RFP deadline affirms still 2 suitorsWakayama casino RFP deadline affirms still 2 suitors January 18, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us