{"id":18800,"date":"2021-06-09T14:10:28","date_gmt":"2021-06-09T14:10:28","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=18800"},"modified":"2026-04-23T18:45:52","modified_gmt":"2026-04-23T21:45:52","slug":"resorts-world-genting-likely-to-be-closed-for-3-months","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/resorts-world-genting-likely-to-be-closed-for-3-months","title":{"rendered":"Resorts World Genting likely to be closed for 3 months"},"content":{"rendered":"\n

Maybank Investment Bank believes Resorts World Genting will remain closed for three months due to a rise in Covid-19 cases in Malaysia.<\/p>\n\n\n\n\n\n\n\n

Malaysia.- A week after announcing a temporary closure <\/strong>due to Covid-19 countermeasures, <\/strong>it seems Resorts World Genting<\/a> will remain closed longer than expected.<\/p>\n\n\n\n

According to Maybank Investment Bank<\/strong>, Resorts World Genting will be closed for three months <\/strong>while Malaysia fights against a new wave of Covid-19 cases.<\/p>\n\n\n\n

Analysts also predict that the opening of the new theme park Genting Malaysia will be delayed until December<\/strong>.<\/p>\n\n\n\n

However, Maybank Investment Bank added that Genting Malaysia’s core net loss will be less than half<\/strong> of the MYR1.44bn loss reported in 2020.<\/p>\n\n\n\n

Analysts noted that when Resorts World Genting<\/a> reopened last year, it quickly saw a rebound. They also said the vaccination rates should begin to rise<\/strong> from June as 16m doses will arrive in the following weeks.<\/p>\n\n\n\n

Nomura analysts<\/a> have predicted Genting Malaysia\u2019s revenue for 2021 could reach MYR5.25bn (US$1.26bn)<\/strong>, down from a previous forecast of MYR6.32bn (US$1.54bn).<\/p>\n\n\n\n

They have revised their forecast due to a new rise in Covid-19 cases<\/strong>.<\/p>\n\n\n\n

In May, Genting Malaysia<\/a> shared financial results for the first quarter of 2021, showing revenue declined 68 per cent year-on-year, from MYR1.96bn to MYR623.3m (US$150.5m).<\/strong><\/p>\n\n\n\n

Revenue was down 40 per cent<\/strong> when compared to the previous quarter.<\/p>\n\n\n\n

Genting Malaysia registered losses attributable to shareholders of MYR483.6m (US$116.7m)<\/strong>, while last year it reported a loss of MYR418m.<\/p>\n\n\n\n

The company suffered a huge drop in revenue from its leisure and hospitality business in Malaysia \u2013 down 76 per cent to MYR299m (US$72m) <\/strong>\u2013 while in the UK and Egypt, revenue declined by 89 per cent MYR40.2m (US$10m).<\/p>\n\n\n\n

Genting Malaysia blamed the Covid-19 pandemic <\/strong>for the results, stating: \u201cThe adverse impact to the group\u2019s earnings was primarily due to the temporary closure of the group\u2019s businesses in Malaysia and the UK.<\/p>\n","protected":false},"excerpt":{"rendered":"

Maybank Investment Bank believes Resorts World Genting will remain closed for three months due to a rise in Covid-19 cases in Malaysia.<\/p>\n","protected":false},"author":176,"featured_media":18219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Maybank Investment Bank forecasts Resorts World Genting will remain closed for three months due to escalating COVID-19 cases in Malaysia, delaying the new theme park's opening until December. This extended operational suspension is projected to significantly impact Genting Malaysia's 2021 revenue, with Nomura revising its forecast downwards to MYR5.25bn, following a 68% year-on-year revenue decline in Q1 2021. Despite anticipated core net losses, analysts expect a rebound post-reopening, supported by rising vaccination rates.","focusai_entities":"Maybank Investment Bank, Resorts World Genting, Genting Malaysia, Nomura","focusai_location":"Malaysia, UK, Egypt","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting Malaysia Valuation","query":"How will the revised 2021 revenue forecasts and prolonged operational closures impact Genting Malaysia's forward valuation multiples and dividend policy, considering its diversified asset portfolio?"},{"label":"Regional Recovery Strategies","query":"What specific operational adjustments and market diversification strategies are Genting Malaysia implementing across its Malaysian, UK, and Egyptian assets to mitigate future pandemic-related disruptions and enhance GGR post-reopening?"}],"footnotes":""},"categories":[28,16333],"tags":[19394,23922],"class_list":["post-18800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-south-east-asia-news","tag-genting-malaysia","tag-resorts-world-genting"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=18800"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18800\/revisions"}],"predecessor-version":[{"id":18824,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18800\/revisions\/18824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18219"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=18800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=18800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=18800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}