GENTING MALAYSIA WILL BREAK EVEN AFTER THE REOPENING 2021
The reopening of the facilities at Resorts World Genting Malaysia last week is expected to help the company achieve breakeven in the fourth quarter of 21, which is the first time in 18 months.
According to a report by Maybank Investment Banking analyst Samuel Yin Shao Yang, due to rising vaccination rates, the reopening is one month earlier than expected, heralding a sharp increase in the number of tourists in the coming weeks as more facilities are opened. Hefei Property launched the long-awaited theme park Genting Sky World.
“We are optimistic that this will push Genting Malaysia to break even in the fourth quarter of 21, after a core net loss for six consecutive quarters,” Yin wrote.
“Under the catalysis of the opening of Genting Sky World in the fourth quarter of 2021, we expect that the number of RWG visitors will further return to the level before COVID-19 from FY22.”
At the same time, Yin stated that Genting Malaysia’s third-quarter loss is expected to be similar to the 353.4 million ringgit (84.5 million US dollars) in the second quarter, and its US and European casino revenues have been affected by the closure of Resorts World Genting since June 2021. The entire quarter from date.
With the Malaysian IR now open to Pahang residents again, and the national vaccination rate is expected to reach 90% in the next few weeks, tourists from all over the country are expected to be welcomed, and the number of visits is expected to reach about 3 million by the fourth quarter of 2021. Approximately half of the pre-COVID level There were 6.2 million tourists in the fourth quarter of 2019.
Yin also pointed out that the launch of Genting Sky World is a key catalyst for the company.
He said: “We still believe that it will be open at the same time as the school holiday in December 2021.”
“Looking forward, we believe it will attract gambling and non-gaming tourists from Resorts World Genting. Our FY22E/FY23E core net profit (US$249 million in 2022 and US$305 million in 2023) is based on Resorts World’s 24.2 million and 2620 Million tourists.
“In short, we expect some normality similar to the level before COVID-19 will return in FY22.”
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