• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 2 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Outlook promising for Genting Malaysia despite recent challenges: Nomura

Ben Blaschke by Ben Blaschke
Fri 26 Feb 2021 at 05:01
Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

Genting’s Malaysian flagship, Resorts World Genting.

183
SHARES
4.6k
VIEWS
Print Friendly, PDF & Email

The long-term prospects for Genting Malaysia look strong, according to Nomura research analysts, despite recording a net loss of MYR258.2 million in the three months to 31 December 2020.

Genting Malaysia’s 4Q20 results, released late Thursday, included a 57% year-on-year decline in revenues to MYR1.04 billion and a 69% fall in Adjusted EBITDA to MYR170.4 million due to property closures in Malaysia, the United States and the UK.

Adjusted EBITDA was not only down year-on-year but also 46% quarter-on-quarter due to a Movement Control Order put in place in October to prevent a second wave of COVID-19 from taking hold,

However, while Nomura’s Tushar Mohata and Alpa Aggarwal will likely continue to weigh on Genting Malaysia’s performance through 1H21, they suggested investors “consider these quarters largely irrelevant and are looking through to FY22 prospects. We tend to agree with this assessment, as FY22 outlook looks promising for Malaysia with the Skyworlds theme park scheduled to open (mid-2021), vaccines expected to be widely available by end-2021 in Malaysia, UK and USA (key markets), and some inbound tourism expected to begin.”

Genting Malaysia’s flagship Malaysian IR, Resorts World Genting (RWG), continued to steer the ship in 4Q20 with revenue of MYR644.7 million, down 60% year-on-year, and Adjusted EBITDA of MYR130.8 million.

There was improvement in the US market, where Genting Malaysia operates Resorts World New York City and Resorts World Catskills, with revenue of MYR245.5 million and positive Adjusted EBITDA of 70.9 million.

However, with UK and Egypt casinos largely closed for the period, revenues from these operations fell 73% year-on-year to MYR116.1 million with an Adjusted EBITDA loss of MYR40.9 million.

“The Group has recalibrated its operating structure and re-engineered its processes as well as its cost base to address the unprecedented challenges and to capitalize on the eventual recovery of the leisure and hospitality sector,” Genting Malaysia said in its results announcement overnight.

“The Group will also continue placing emphasis on the safety and wellbeing of the RWG community as part of the RWG StaySafe Promise.

“Meanwhile, the highly anticipated outdoor theme park, Genting SkyWorlds, is targeted to open by the middle of 2021. The theme park is a key growth initiative for the Group in Malaysia.”

RelatedPosts

Resorts World Las Vegas – Lighting up the north

Genting’s RWLV to “re-establish VIP play” after settling regulatory complaint as analysts warn of need to recalibrate “risk appetite”

Sun 1 Jun 2025 at 09:56
RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to US$3.2 million

Sat 31 May 2025 at 05:53
Genting Malaysia misses 4Q24 estimates, slashes dividends as rising costs hurt profitability

Genting Malaysia reports US$613 million in Q1 revenue, impacted by lower VIP at Resorts World Genting

Fri 30 May 2025 at 05:23
Genting Malaysia to form part of new merged entity taking full ownership of New York’s Empire Resorts

Genting Malaysia to acquire full ownership of US entity Empire Resorts from Lim family vehicle

Sat 3 May 2025 at 05:58
Load More
Tags: covid-19Genting MalaysiaGenting SkyWorldsMalaysiaNomuraResorts World GentingTushar Mohata
Share73Share13
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Survey on Australia-China relations finds most Australians keen to encourage more Chinese tourism

Regulating the Game launches Call for Speakers for 2026 event in Sydney

by Newsdesk
Mon 2 Jun 2025 at 13:24

Leading gambling law and regulation conference Regulating the Game has launched its Call for Speakers for its sixth edition, taking place from Monday 9 to Wednesday 11 March 2026 at the Sofitel Sydney Wentworth. Regulating the Game 2026 will welcome...

IAG launches public call for candidates for 2025 IAG Academy Awards at Manila’s Newport World Resorts on 9 September

IAG launches public call for candidates for 2025 IAG Academy Awards at Manila’s Newport World Resorts on 9 September

by Newsdesk
Mon 2 Jun 2025 at 13:18

Inside Asian Gaming is pleased to launch a public call for candidates for the 2025 IAG Academy IR Awards, part of the IAG EXPO taking place at Manila’s Newport World Resorts from 8 to 10 September 2025. This year’s IAG Academy...

Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

JP Morgan: Q2 shaping as Macau’s first “non-miss” quarter in some time after strong May GGR result

by Ben Blaschke
Mon 2 Jun 2025 at 13:12

The June 2025 quarter looks certain to buck historical trends by booking a year-on-year gain – the first sign of genuine market growth in the Macau market since gaming revenues stabilized post-COVID, according to investment bank JP Morgan. In a...

Concerned parties welcome opportunity for high-level discourse ahead of Thai Entertainment Complex Roundtable 

Concerned parties welcome opportunity for high-level discourse ahead of Thai Entertainment Complex Roundtable 

by Ben Blaschke
Sun 1 Jun 2025 at 15:46

This week’s groundbreaking Thai Entertainment Complex Roundtable (TECR) has been described by local participants as a vital opportunity for all stakeholders, including international operators and those concerned about Thai casino legislation, to work together to achieve mutually agreeable outcomes.  In...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English