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Malaysia’s Resorts World Genting to exceed pre-pandemic visitation in 2023 on hotel room, theme park capacity increases

Ben Blaschke by Ben Blaschke
Thu 15 Dec 2022 at 05:06
“Preparations underway” for opening of Genting’s Malaysian theme park

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Genting Malaysia’s flagship home grown integrated resort, Resorts World Genting (RWG), is poised to exceed pre-pandemic visitation levels in 2023, buoyed by the reopening of all hotel inventory and addition of new theme park attractions, according to Hong Leong Investment Bank (HLIB) Research.

In a note, the brokerage said it also expects RWG to be one of the key beneficiaries of Malaysia’s new government which has pegged tourism as an opportunity to boost the economy.

“Under the new administration, the tourism segment may benefit as the government capitalises on the sector as a lever to support the domestic currency and economy,” HLIB analysts wrote.

“We believe that visitations to RWG have the potential to scale beyond pre-pandemic level given the capacity increase and the more diverse crowd it attracts due to the addition of its theme park.”

The positive outlook comes despite Genting Malaysia’s 3Q22 financial results falling below expectations – the company reported a net loss of MYR8.2 million (US$1.82 million) – and predictions that Q4 could also be subdued at RWG due to the impact of the football World Cup.

“Looking ahead, we believe the group will see a much better FY23 due to the reopening of the 21% remaining hotel room inventory in RWG and SkyWorld capacity increase with two additional rides, to bring a total of 20 rides,” HLIB said.

The brokerage also expressed a more positive view on Genting Malaysia’s investment into US casino operator Empire Resorts, owner of Resorts World Catskills, which this week confirmed its third New York casino, Resorts World Hudson Valley, will open on 28 December.

The 2019 Empire Resorts acquisition had seen Genting Malaysia’s share price plummet, “However, on hindsight, we are now starting to appreciate the value behind the acquisition,” the analysts wrote.

“Despite the Covid-19 pandemic, Empire’s operational performance had improved with gross gambling revenue, or GGR, exceeding pre-pandemic levels for most of the months since May 2021.

“The opening of RWHV is expected to contribute positively to Empire’s earnings in the coming quarters given that it’s a low capital expenditure venture resulting in only marginal incremental depreciation expense post opening.”

HLIB has maintained a “BUY” rating on Genting Malaysia.

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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.

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