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Genting Malaysia Hit By New Coronavirus Restrictions

Posted on January 15, 2021 | 11:20 am

Genting Malaysia, the division of the big international conglomerate Genting Group, has to reduce its operating capacity once again due to a new round of restrictions imposed by the government in order to deal with a rising number of Covid-19 cases.

Resorts World Genting announced that they will reduce their operations due to an expected decline in visitors until the end of January as a new interstate travel ban was decreed by the government.

“With this announcement, we anticipate a decline in the number of visitors to RWG,” the resort announced on their website. “Hence, we will be operating at a lower capacity and some of our offerings may not be available from 13 January 2021.

Some of our hotels, facilities, attractions and other offerings will be subjected to revised operating hours, limited availability or temporary closure.”

The new travel ban kicked in on January 13, following a sharp rise in new Covid-19 cases in Malaysia, over 3,000 per day. The ban virtually freezes all travel between six states: Penang, Selangor, Federal Territories, Johor, Melaka and Sabah.

In motivation of the ban, Muhyiddin Yassin, the Malaysian Prime Minister, said“The situation today is indeed very alarming. Our healthcare system is under tremendous pressure now than at any other time since the start of the pandemic. As I have said before, unprecedented situations call for unprecedented measures.”

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Optimistic Predictions Contradicted For Now

This new setback for Genting Malaysia comes just a week after several analysts showed their optimism regarding the Malaysian gaming industry’s future. Nomura, a well-known Japanese financial company, released a research note saying that Genting Malaysia is expected to experience a gradual recovery in 2021 and even significant growth in 2022 once it opens its new outdoor theme park.

Moreover, Nomura advised its clients to buy Genting Malaysia shares as soon as possible, because they expect the value of the stock to rise by 24 percent by the end of the year.

Genting Malaysia has reported a loss of 178.5 million dollars in the third quarter of 2020, representing around MYR726.2 million. The revenue for the three months to 30 September amounted to MYR1.42 billion, a sharp decrease compared to the corresponding period last year. In the third quarter of 2019 the group recorded revenues of MYR2.63 billion.

The Genting Group owns and operates multiple resorts and casinos in Malaysia, Egypt, the United States, Bahamas, the United Kingdom and Singapore. The group’s operations have been heavily affected by the novel coronavirus pandemic.

Source: “Temporary Changes to Offerings at Resorts World Genting“Resorts World Genting. January 12, 2021.

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