Analysts with Nomura continue to be optimistic about the recovery of Genting Malaysia.
Malaysia’s fight against the coronavirus forced Resorts World Genting to close from March 18 to June 19. When it was allowed to reopen, the casino was forced to operate at a greatly reduced capacity, hindering its ability to generate revenue and make up for the lost three months.
The country’s Resorts World Genting, operated by Genting Malaysia, has seen slight improvements after having been shut down for several months because of COVID-19 and, while the road to recovery is going to be long, the analysts believe that there could be positive movement throughout all of 2021.
Genting Malaysia reported in November that it took a loss of $173.2 million in the third quarter, following a $221.2-million loss in the second quarter.
Toward the end of the year, though, more locals were visiting Resorts World Genting, which was giving it a little bit of a boost.
Foreign gamblers still aren’t able to make the trek to the complex, but the end-of-year uptick was enough for Nomura analysts Tushar Mohata and Alpa Aggarwal to predict a “gradual recovery” spanning most of 2021 is possible.
Genting Malaysia’s third quarter saw EBITDA (earnings before interest, taxes, depreciation and amortization) at Resorts World Genting that was 79% lower than a year earlier.
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