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Genting says no immediate plans to reopen shuttered Malaysian casino floors

Ben Blaschke by Ben Blaschke
Sun 1 Dec 2024 at 07:15
Genting says no immediate plans to reopen shuttered Malaysian casino floors
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Maybank Investment Bank has cut its earnings estimates for Genting Malaysia after learning that the company has no immediate plans to reopen two of the three casino floors at its flagship integrated resort, Resorts World Genting (RWG).

Genting Malaysia revealed its surprise plans – or lack thereof – during an earnings call with analysts last week, stating that it would only reopen the Circus Palace and Hollywood mass gaming floors if there was sufficient demand.

The casinos were shuttered suddenly in February with the company later clarifying that it planned to undergo upgrade works on them before reopening. However, sources have told IAG that there appears to have been “minimal renovation” done.

In a research note following release of Genting Malaysia’s 3Q24 financial results late last week, Maybank’s Samuel Yin Shao Yang said he was “surprised” that Genting had “yet to disclose concrete plans to reopen the Circus Palace and Hollywood mass gaming floors, which were closed in February 2024 citing uncertain demand. We had expected both gaming floors to reopen around now to capitalise on the year-end holidays.”

The analyst has also slashed his long-term earnings estimates for Genting Malaysia by up to 21% and cut RWG mass market GGR by 25% on a full year basis to account for the continued closure of the Circus Palace and Hollywood mass gaming floors.

Net impact, he said, is to cut his FY24 net profit estimates by 5% to MYR1.35 billion, FY25 estimates by 21% to MYR1.67 billion and FY26 estimates by 20% to MYR1.88 billion.

Genting Malaysia last week reported flat year-on-year GGR in Malaysia but a 13% decline in Adjusted EBITDA to MYR493.4 million (US$111 million) on higher payroll and casino operating costs.

Yin said he expects Q4 EBITDA to be slightly better due to the year-end holidays.

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Tags: casinosCircus PalaceGenting MalaysiaHollywoodMalaysiaMaybank SecuritiesResorts World Genting
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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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