Genting SkyWorlds to open in February
Genting Malaysia Bhd has offered a “sneak preview” of its new outdoor theme park, which it says will finally open its doors to the public next month.
Malaysia.- After multiple delays, mainly due to the Covid-19 pandemic, the opening of Genting SkyWorlds theme park will finally go ahead in February, Genting Malaysia says. Genting SkyWorlds is seen as a possible crowd-puller for other Resorts World Genting facilities.
It’s estimated that visitor arrivals to Genting’s resort in Malaysia could increase to 23 million and 27 million people in the fiscal year 2022 and fiscal year 2023 respectively. Before the Covid-19 pandemic, 29 million people visited in fiscal year 2019.
Public Investment Bank Bhd analyst Eltricia Foong said: “We are forecasting Genting Malaysia to turn profitable this year after two years of setbacks. While we do not expect profit to revert to pre-pandemic levels in FY22F, we believe there are limited earnings risks as full lockdown is not likely to be re-introduced, considering the high vaccination rate achieved.”
Foong said that due to travel restrictions, the park may focus on local tourists for at least the next six months.
Maybank IB Research has previously reported that it expects Genting Malaysia’s earnings before interest, taxes, depreciation, and amortization (EBITDA) to increase by 501 per cent in fiscal year 2022 after Genting SkyWorlds opens to MYR3.23bn (US$767.9m).
