Genting Malaysia’s Resorts World Genting, the only integrated resort in Malaysia, will likely remain closed for three months due to an outbreak of Covid-19 in the country.
But according to Maybank Investment Bank, the reopening of other global properties will help Genting. For the group, the resort accounted for approximately 80% of earnings and in light of recent closures, Maybank also widened the group’s predicted core net loss by 76% to MYR676m ($164.1m).
Yet Maybank noted the predicted loss is only half the MYR1.44bn that was recorded in 2020.
The Malaysia resort has been closed since May; the third closure since the start of the global pandemic.
The situation also pushed back the opening of an outdoor theme park, which will likely welcome guests in December only.
“We gather that Resorts World Genting will be shut for three months this time, and Genting SkyWorlds will only open in December 2021 to coincide with school holidays,” said Maybank analysts.
The group’s global properties are slowly reopening. Resorts World New York reported its April revenue returned to pre-pandemic levels, and UK casinos opened their doors mid-May after being closed since 3 January.
Maybank said the improving vaccination rates in Malaysia should help the operator return to profit. “RWG visitor arrivals rebounded quickly when it reopened and interstate travel was allowed in Q3 2020,” said the analysts.