Genting Malaysia visitor volume hits 9.9m in H1

Genting expects to open three new attractions at Genting SkyWorlds in the next quarter.
Genting expects to open three new attractions at Genting SkyWorlds in the next quarter.

In the six months to June 30, Resorts World Genting received 9.9 million visitors, up from 2.1 million last year.

Malaysia.- Genting Malaysia has reported that Resorts World Genting, Malaysia’s only casino resort, saw visitor numbers quadruple in the first half of the year, from 2.1 million in H1 2021 to 9.9 million. The company has also announced that it expects to open three new attractions at its Genting SkyWorlds park in the fourth quarter.

At the CITIC CLSA’s 29th Annual Flagship Investor Forum 2022, it noted, however, that for first-half visitors who stayed overnight (18 per cent), the average nightly rate fell 7.1 per cent year-on-year, from MYR423 to MYR226 (US$49.02).

In June, the company announced a series of marketing strategies and increased database analytics intending to attract more visitors. Revenue was up 166 per cent year-on-year to MYR2.18bn (US$486.5m) in the second quarter of the year.

Given the clear signs of recovery, Fitch Ratings has upgraded Genting Malaysia’s long-term Issuer Default Rating (IDR) from “negative” to “stable”. Fitch said that Genting Malaysia sees a stable outlook driven by a strong recovery of gaming revenue, particularly in Malaysia and the US after Covid-19 restrictions were eased.

GMM Limited, a company linked to Lim Kok Thay, chairman of Genting Group, has submitted a bid for casino licence in Macau, but it’s generally considered to have an outside chance of getting one, or more likely partnering with another operator. Macau’s six 10-year concessions are due to start in January.

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