{"id":31916,"date":"2022-07-20T03:11:32","date_gmt":"2022-07-20T06:11:32","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=31916"},"modified":"2026-04-23T06:43:24","modified_gmt":"2026-04-23T09:43:24","slug":"analysts-cut-genting-malaysias-2022-net-profit-estimations","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/analysts-cut-genting-malaysias-2022-net-profit-estimations","title":{"rendered":"Analysts cut Genting Malaysia&#8217;s 2022 net profit estimations"},"content":{"rendered":"\n<p>CGS-CIMB has lowered its forecast by 51.5 per cent and reduced expectations for group-wide 2022 revenue.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Malaysia.- The banking group CGS-CIMB has revised its estimations for Genting Malaysia. It now forecasts that the casino operator could generate MYR436m (US$97.8m) in net profit this year.\u00a0<strong>The figure is down 51.5 per cent from its previous estimations<\/strong>.<\/p>\n\n\n\n<p>CGS-CIMB has also<strong>\u00a0reduced its forecast for company-wide 2022 revenue\u00a0<\/strong>by 17.6 per cent, from MYR10.50bn (US$2.3bn) to MYR8.65bn (US$1.94bn). It says that the business&#8217;s recovery from the Covid-19 pandemic has been slower than expected due to &#8220;staff shortages&#8221;.<\/p>\n\n\n\n<p>Analysts stated: \u201cDespite strong demand, Resorts World Genting only operated 5,500 hotel rooms \u2013 out of a total of 10,500 \u2013 in mid-May, though this is up from 5,200 at the end of March.\u201d In June the company reported that 6,000 hotel rooms were occupied.<\/p>\n\n\n\n<p>Analysts also noted that in 2019, before the pandemic, tourists from China accounted for 7 per cent of hotel guests. Chinese visitors have not yet returned because China&#8217;s borders remain closed. Malaysia fully reopened its borders for international travellers on April 1.<\/p>\n\n\n\n<p>They also noted that growth from Resorts World Genting&#8217;s new\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/genting-skyworlds-to-launch-next-week\" target=\"_blank\">SkyWorlds theme park<\/a>, which opened in February, had been slower than expected due to some &#8220;technical issues&#8221;. In June, Genting Malaysia said Genting SkyWorlds would be a key element of its post-Covid-19 growth and that it was\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/genting-malaysia-works-on-a-comprehensive-recovery-plan\" target=\"_blank\">working hard on a marketing plan<\/a>\u00a0to attract more visitors.<\/p>\n\n\n\n<p><strong>Genting Malaysia<\/strong>\u2018s&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/genting-malaysia-revenue-up-176-2-in-q1\" rel=\"noreferrer noopener\">revenue was up 176.2 per cent year-on-year<\/a>&nbsp;to MYR1.72bn (US$391.3m) in the first quarter of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CGS-CIMB has lowered its forecast by 51.5 per cent and reduced expectations for group-wide 2022 revenue.<\/p>\n","protected":false},"author":176,"featured_media":18062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"CGS-CIMB has significantly lowered its 2022 net profit and revenue forecasts for Genting Malaysia, citing a slower-than-anticipated post-pandemic recovery. Key factors include persistent staff shortages impacting hotel room availability at Resorts World Genting, the continued absence of Chinese tourists, and technical issues hindering the new SkyWorlds theme park's performance. Despite Malaysia's border reopening, these operational challenges are tempering financial projections.","focusai_entities":"CGS-CIMB, Genting Malaysia, Resorts World Genting, Genting SkyWorlds","focusai_location":"Malaysia, China","focusai_target_profile":"ceo_executive (1.0), operator_casino (0.9), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Staffing & Capacity Impact","query":"What specific mitigation strategies is Genting Malaysia implementing to address persistent staff shortages and optimize hotel room operational capacity at Resorts World Genting, and what is the projected timeline for these improvements to impact NGR?"},{"label":"China Market & SkyWorlds ROI","query":"How critical is the full return of the Chinese tourist segment to Genting Malaysia's revised revenue projections, and what is the updated ROI outlook for the Genting SkyWorlds theme park given its initial technical issues and slower-than-expected growth?"}],"footnotes":""},"categories":[163,16333],"tags":[19394],"class_list":["post-31916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31916","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=31916"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31916\/revisions"}],"predecessor-version":[{"id":31954,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31916\/revisions\/31954"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18062"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=31916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=31916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=31916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}