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Genting Malaysia Expected To Record Impressive Growth In 2023

Posted on January 4, 2023 | 6:52 am

Genting Malaysia, the well-known global leisure and hospitality company, has received good news ahead of the New Year from Nomura Research as analysts expect the Malaysian company to grow in 2023.

The main asset behind that growth is expected to be Resorts World Genting, the huge resort and casino that the company owns and operates in Malaysia. Analysts at Nomura Research estimate that this asset will drive Genting Malaysia’s recovery in 2023, with local earnings expected to grow by 38 percent to a total of 2.2 billion Malaysian Ringgit.

The analysts also explained that Genting Malaysia had underperformed in 2022 mainly due to limited tourism from China due to restrictions related to the novel coronavirus pandemic.

However, Resorts World Genting is expected to see its earnings improve constantly in 2023 as visitor arrivals are expected to continue growing with Chinese border reopening.

The analysts also took into account that Genting Malaysia will open additional attractions at its Skyworlds theme park, and those are expected to drive additional revenue as well.

As for the company’s operations in New York City and the United Kingdom, the analysts expect them to remain stable as they have already managed to reach the levels of visitations that had been recorded before the Covid-19 pandemic. Overall, Nomura Research has Genting Malaysia as its top pick when it comes to stock in the entertainment and leisure sector.

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Losses Narrowed In Third Quarter

During the third quarter of 2022 Genting Malaysia has managed to narrow its losses. In the three months to September 2022 the company recorded a loss of 8.26 million Malaysian Ringgit, which is equivalent to 1.83 million U.S. dollars. That result is much better compared to the same quarter of 2021, when the company lost 307.04 million Malaysian Ringgit.

The company’s revenue recorded a healthy increase, amounting to 2.27 billion Malaysian Ringgit for the quarter, a figure which represents an increase of 174 percent year-on-year.

The company’s operations in Malaysia generated revenue of 1.39 billion Malaysian Ringgit, mostly driven by the recovery in business volume registered at Resorts World Genting after the Malaysian government finally decided to reopen the national borders after the coronavirus pandemic.

The Genting Group operates the only licensed casino property in Malaysia, Resorts World Genting, along with multiple casinos in the United States of America, the United Kingdom, Bahamas and Egypt.

SOURCE“Genting Malaysia’s home-grown EBITDA seen growing 38% in 2023“Inside Asian Gaming. December 16, 2022.

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