The casino complex said in the announcement: “Following the government’s announcement on the nationwide total lockdown, Resorts World Genting will be temporarily closed until further notice.”

It added: “Essential resort-based services such as security, utilities and clinics will remain operational.”

Genting Malaysia Berhad is the promoter of Resorts World Genting, a facility located near the capital Kuala Lumpur.

Brokerage Nomura said in a recent note that it was lowering by 17% its 2021 revenue estimates for Genting Malaysia, due to Covid-19 related restrictions.

Nomura now expects Genting Malaysia to report full year revenue of nearly MYR5.25 billion, down from a previous forecast of MYR6.32 billion.

The pandemic has also had an impact on work on a new outdoor theme park at the resort, Genting Malaysia said last week.

The gaming firm said it was working towards the completion “in the third quarter of 2021” of its Genting SkyWorlds outdoor theme park.

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Nomura also said it expected Genting Malaysia to post a net loss of MYR651 million this year, higher than the MYR184-million loss it had predicted earlier. It also reduced the adjusted earnings before interest, taxation, depreciation and amortization forecast by 33% for full 2021, to MYR844 million.

Genting Malaysia is the operator of the Resorts World Genting casino resort near Kuala Lumpur. The company reported this month a first quarter net loss of MYR483.6 million, with revenue down 68.1% year-on-year, to just under MYR623.4 million.

The casino giant group also has casino operations in the UK and Egypt and in the US and the Bahamas.

Last week, the group again temporarily closed its casino at Resorts World Genting, because of a new so-called movement control order imposed by the government as a Covid-19 countermeasure.

Nomura analysts said in a memo that given the “current alarming situation of the Covid-19 curve” in Malaysia, and a “slow pace of vaccination” in the country, Genting Malaysia’s domestic operations “might remain depressed for at least another one to three months.”

“Further complicating matters is the government’s recent order to close the casino till further notice, with no clarity on what Covid case threshold it needs to see to allow a reopening.”

Nomura team said it believed equity investors would “likely overlook near-term bumpy earnings” as they are looking through to 2022 and 2023. The firm’s prospects “look robust” post-2021, with the Genting SkyWorlds outdoor theme park “scheduled to open, vaccine availability in key markets, and start of some inbound tourism.”

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In late April, it had been reported that staff recruitment for the facility had started. But the firm said that the imposition of a third movement control order “will continue to adversely impact the group’s business following the temporary closure of Resorts World Genting’s casino operations from 24 May 2021.”

The company added: “While the group continues to work towards the completion of the Genting SkyWorlds outdoor theme park in the third quarter of 2021, the opening date of the park is dependent on developments surrounding the Covid-19 situation and its impact to the leisure and hospitality sector in the country.”

Genting Malaysia has stated it has invested “over US $800 million” in Genting SkyWorlds. The theme park spans 26 acres and is said to be able to accommodate up to 20,000 tourists at one time.

Some investment analysts has suggested the launch of the park could help boost the gaming giant’s earnings by attracting new customers.

Samuel Yin Shao Yang, an analyst at Maybank Investment Bank, said in a note on Genting Malaysia’s first quarter, that the institution forecast the casino firm’s 2022 EBITDA could grow by 132%, as “Genting SkyWorlds theme park ramps up”.

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According to the company, the park management will hold auditions for the “live entertainment team”, including singers, dancers, performers, musicians and actors.

“We are looking for fun, enthusiastic and dedicated people to be part of the opening team. This is a once in a lifetime opportunity and we look forward to see all the creative talents at our recruitment events,” said Resorts World Genting head of Theme Parks and Experiences, Gregory Pearn.

In February, management team of Genting Malaysia Berhad said “over US$800 million” was being invested in Genting SkyWorlds.

Maybank Investment Bank said in April 20 that the new attraction, due to open in mid-year this year notwithstanding the pandemic affecting the nation and impacting tourism from overseas, was likely to be an important catalyst for Genting Malaysia’s earnings next year.

According to previous information released by Genting Malaysia, the theme park spans 26 acres and is said to be able to serve up to 20,000 tourists at one time.

Genting SkyWorlds features 26 attractions, including water rides and rollercoasters, as well as unique experiences. Themes linked to the 20th Century Studios movie brand.

Guests will be able to roaming around nine immersive worlds, all inspired by movies. The worlds include Central Park, Eagle Mountain, Andromeda Base, Liberty Lane, Epic, Ice Age, Studio Plaza, Robots Rivet Town, and Rio. There is also a selection of food and drink outlets for guests to choose from.

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In terms of  total remuneration, Lim’s package of RM151.34 million in 2020 is slightly higher than RM151.09 million in 2019. The slight increase was due to “other short term employee benefits” totaling RM51.34 million that he received in 2020, compared with RM420,000 in 2019.

In 2020, many of us had assumed that the coming year would see the pandemic deescalate and our livelihoods back to normalcy. However, we had prolonged lockdowns and many businesses went back to remote working.

Genting posted a net loss of RM1.02 billion for the financial year ended Dec 31, 2020, against a net profit of RM2 billion in FY19, while revenue fell 46.5% to RM11.56 billion from RM21.62 billion.

The group attributed the lower performance to mainly the group’s leisure and hospitality division that was adversely affected by temporary closures due to lockdowns, and the subsequent resumption of business with reduced capacity.

Of the RM74.81 million salary and bonus Lim received last year, a total of RM30.14 million was from Genting’s 49.5% owned hilltop casino operator Genting Malaysia Bhd. This is 21.7% lower than the RM38.5 million paid by GenM in 2019.

In terms of total remuneration, he received RM49.57 million from GenM in 2020, a decline of 26.8% from RM67.72 million in 2019, according to annual reports.

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On the outgoings side, “Genting Malaysia budgets MYR1 billion (US$242.0 million) of capital expenditure in 2021, and MYR500 million to MYR600 million annually thereafter, mainly for maintenance CapEx,” noted Fitch.

The institution noted Genting Malaysia was “on track” to open an outdoor theme park at its flagship property – Resorts World Genting – as well as a hotel at Resorts World New York City, “in mid-2021”.

“Genting Malaysia expects the theme park to draw an additional 1.5 million to 2 million visitors per year, and generate an additional MYR400 million to MYR500 million in revenue,” stated Fitch.

Fitch has issued a ‘BBB’ rating investment grade regarding some proposed U.S. dollar notes from Genting Malaysia. The institution also said Genting Malaysia’s long-term issuer default was ‘BBB’, with a negative outlook.

The notes are rated at the same level as Genting Malaysia’s issuer default rating as they will constitute direct, unsecured and unsubordinated obligations of the company. The company plans to use the proceeds mainly to refinance debt, according to Fitch.

Genting Malaysia’s rating takes into consideration “its moderate linkage to its weaker parent, Genting Bhd… ‘BBB’/’negative’, and we rate Genting Malaysia based on the Genting Bhd’s consolidated credit profile and the outlook is aligned with that of Genting Bhd”, said Fitch.

The institution said the negative outlook “captures the risk of a slower gaming recovery from the pandemic impact than we forecast, such that Genting Bhd’s leverage is elevated for an extended period.”

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