GEN Malaysia Q3 Drops, Flagship Shutdown Analyst Analysis
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Banking group Nomura said in a note on Friday that Genting Malaysia Bhd's third-quarter earnings were likely to be worse than the second quarter, when the group's flagship casino complex, Resort World Genting (pictured), was closed throughout June due to COVID-19 measures.
That was on the ground that the shutdown of Resorts World Genting, announced on May 31, had already been extended to the first two months of the third quarter, and could last for all of these periods.
Nomura analysts Tushar Mohata and Alpha Aggarwal estimated that Genting Malaysia had "cash burns" of about 3.5 million yuan (US$834,900) per day due to the closure of the resort.
In its second-quarter results released on Thursday, Genting Malaysia said it had significantly reduced its quarterly loss year-on-year, driven by factors including the reopening of casinos in the U.S. and Britain. However, it still posted a group-wide loss of 348.1 million yuan.
"Malaysian operations are still reporting EBITDA [earnings before interest, taxation, depreciation and amortisation] levels due to travel bans and the complete closure of casinos since the end of May," Nomura said.
Maybank Investment Bank Bhd reiterated in a note on Friday following its second-quarter numbers that it expects Resorts World Genting to "close for the next two months and reopen in November."
Nomura was a little more optimistic about the reopening schedule of Malaysia's only casino resort in the highlands outside the capital Kuala Lumpur.
"Given the high vaccination rates in the areas around the Klang Valley, we believe the strong case for allowing resorts to reopen from late September to early October for vaccinated people," Nomura analysts wrote.
"We think policymakers are also aware that the closures are too old," they added.
Maybank analyst Samuel Yin Sao Yang said in a note, "Even if we are lucky, we expect our losses to be significantly reduced in the fourth quarter of 2021 as visitors return to Resort World Genting."
BY: 온라인카지노