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Genting Malaysia Expected To Get Profits In 2022

Posted on January 4, 2022 | 11:38 am

Genting Malaysia, the massive global leisure and hospitality company, is expected to see a return to profitability for its operations in Malaysia in 2022, at least that is what the experts at RHB Investment Bank have revealed during the first days of the year.

The analysts at RHB Investment Bank have published a note to welcome the New Year and in that note they included the optimistic outlook on the near future of Genting Malaysia. Their analysis is based on the fact that the company has resumed operations after several lockdowns but has done so with reduced operational costs as the business was forced to cut its expenses during the pandemic.

Moreover, even though the Omicron variant of the novel coronavirus is still a threat, the analysts at RHB Investment Bank think that Genting in particular and the whole gaming sector in general is better prepared and has a superior understanding of the Covid-19 pandemic.

“Many countries are now better equipped and nimble in handling the pandemic,” the RHB Investment Bank note read. “Coupled with the massive cost rationalisation efforts undertaken previously by the casino operators, these should partially cushion the impact. Both the casino operators will resume recovering after the Covid-19 situation stabilises.”

Both Genting Berhad and Genting Malaysia are expected to release their results for the 2021 financial year in February, having previously reported losses of MYR326.5 million (approximately 78.3 million dollars) and MYR307 million (72.6 million dollars) respectively in the third quarter of 2021.

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Great Perspectives In The United States

The Malaysian company also seems to have a bright future in its operations overseas, especially in the United States of America. Last year, Genting finally opened Resorts World Las Vegas, a huge gaming facility in Nevada which cost the Malaysian company around 4.3 billion dollars.

The Las Vegas resort opened on June 24 and generated revenues of 650,000 dollars per day during the first week of operations. The positive results expanded in the coming months as Resorts World Las Vegas recorded revenue of 175 million dollars in its first full quarter of operations.

Moreover, Genting is preparing to receive a full casino license in the state of New York, which would allow further expansion at the Resorts World New York City property. Resorts World New York City and Resorts World Catskills recorded revenue increases in the third quarter of 2021, from 69.9 million Malaysian ringgit in 2020 to 364.2 ringgit

SOURCE: “Genting’s Malaysian entities seen returning to profitability in 2022“. Inside Asian Gaming. January 2, 2022.

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