Genting Malaysia stock down 5% after rise in Covid-19 cases

Malaysia is facing a rise in Covid-19 cases and authorities are evaluating a stricter lockdown which could affect Genting Malaysia’s operations.

Malaysia.- The Ministry of Health has reported a record high of 6,075 new Covid cases in 24 hours. The news caused Genting Malaysia stock to drop 5 per cent due to fears a new lockdown could be announced.

Genting Malaysia‘s Resorts World Genting (RWG) reopened on February 15 after being closed for two weeks due to a wave of Covid-19 infections.

At that time, Genting Malaysia announced that essential resort-based services at Resorts World Genting, including security, firefighting, utilities and clinics, would remain operational.

In April, Maybank Investment Bank forecast Genting Malaysia would record a core net loss of US$93.5m for 2021.

Analysts expect Genting Malaysia will see its earnings recover in 2022 thanks to the opening of Genting SkyWorlds, Genting Malaysia’s new outdoor theme park. 

The company issued 3.882 per cent senior unsecured notes priced at US$1bn in order to refinance existing borrowings and raise cash for capital needs.