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Genting Malaysia Resumes Casino Operations

Posted on February 19, 2021 | 10:44 am

Genting Malaysia, the global leisure and hospitality company, announced that Resorts World Genting would reopen earlier than expected as the government relaxed COVID-19 restrictions.

Resorts World Genting resumed its operations on February 16, while the company announced the reopening of Resorts World Langkawi and Resorts World Kijal, which are non-gaming properties, on February 19.

Resorts World Genting was closed down on January 22 due to restrictions established by a government order. Before that, the company decided to reduce the activity at this venue due to a travel ban that reduced the potential number of customers.

The reopening on February 16 does not mean that the activity will be fully restored, as some restrictions remain in place. In a notice posted on the company website, Resorts World Genting insisted that the activity will follow strict standard operating procedures.

The notice said: “Some of our hotels, facilities, attractions and other offerings will be subjected to revised operating hours, limited availability or temporary closure. We will continue to fully adhere to the strict standard operating procedures issued by the government throughout the resort and we seek our guests’ cooperation to do the same. The safety and health of all our guests and employees remain our utmost priority.”

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UK Casinos Remain Closed

At the same time, Genting Malaysia revealed that their Resorts World Birmingham facility and all the other land-based casinos in the United Kingdom will remain closed until further notice.

Despite the difficulties related to the coronavirus pandemic, several analysts are optimistic regarding the Malaysian gaming industry’s future. Nomura, a famous 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 manages to open its new outdoor theme park.

Nomura advised its clients to buy Genting Malaysia shares right away, because they expect to rise by 24 percent by the end of the year. In fact, when the company announced the reopening of Resorts World Genting, the stock price went up by 2.55%.

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

The Genting Group owns and operates several resorts and casinos in Malaysia, Egypt, the United States, Bahamas, the United Kingdom and Singapore.

Spurce: “Genting Malaysia’s hilltop casino resumes operation today“The Edge Markets. February 16, 2021.

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