Malaysia’s IR to remain shut
Marked by a rapid hike in infections, Malaysia has increasing signals that the pandemic is still on the rise
Malaysia will continue to observe strict pandemic rules, at least for the next three months, postponing further the re-opening of the only Integrated Resort in the country.
The news arrives amidst increasing signals that the pandemic is still alive and kicking in the country, marked by a rapid rise in infections.
Maybank Investment Bank said that while the Genting Malaysia IR will remain shut, the reopening of other global properties should help the gaming giant.
For the group, the resort accounted for approximately 80 per cent of earnings and in light of recent closures, Maybank also widened the group’s predicted core net loss by 76 per cent to MYR676m ($164.1m).
Maybank also noted the predicted loss is only half that was recorded in 2020.
The Malaysia resort has been closed for almost two months, the third closure since the start of the global pandemic.
The opening of the outdoor theme park, associated with the IT has also been pushed back and is now scheduled to open its doors only in December, in time for the schools end of year holidays.
At the same time, the other Genting 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.
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.
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