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.

Editing by Rachel Hu

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The order, announced on 11th by prime minister, Muhyiddin Yassin, covers five states – Penang, Selangor, Melaka, Johor and Sabah – and the federal territories of Kuala Lumpur, Putrajaya and Labuan. It runs from January 13 until 26.

Interstate travel is banned across the country, while journeys between districts are not allowed within those states placed under a movement control order.

“With this announcement, we anticipate a decline in the number of visitors to Resorts World Genting,” stated the property in the notice, published on its website.

“Hence, we will be operating at a lower capacity and some of our offerings may not be available from January 13,” it said.

Resorts World Genting added that “some” of its “hotels, facilities, attractions and other offerings will be subjected to revised operating hours, limited availability or temporary closure”.

“This may cause Resorts World Genting to forego the Chinese New Year peak season in February and raise doubts if Genting Skyworlds will open in the second half of 2021,” said Maybank analyst Samuel Yin Shao Yang.

延伸阅读：

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