Resorts World Genting’s reopening has been delayed to an approximate date of November 2021, following recent surge in new Covid-19 cases in Malaysia, according to Maybank Investment Bank Research.
The delay in the reopening has caused Maybank IB to forecast a wider core net loss of 52% for Genting Malaysia Bhd, with the research firm changing its initial prediction of a resumption of operations at end-August.
The new timeline for reopening coincides with expectations that the country will achieve herd immunity in October according to the government, reports Newsbeezer, with Covid-19 vaccinations in Malaysia having surged to over 400,000 a day. The country is currently seeing record high numbers of Covid-19 cases and deaths, with a new daily record of 21,468 cases last Friday.
Visitor arrivals for the year for Resorts World Genting have been cut from an estimate 8.5 million to 5 million. A November reopening scenario would push the current closure period to five months, following a suspension in operations starting on June.
The resort is unlikely to open its doors until national vaccination rate reaches 80%, after which Maybank IB’s analyst Samuel Yin Shao Yang expects “Malaysians will return to RWG in droves.”
The reopening of Resorts World Genting is expected to be followed by the launch of the new Genting SkyWorlds theme park, which has been postponed several times. It would see a new opening date of December, coinciding with the school holidays.
On a positive note, forecasts of a return to profit for 2022 and 2023 remain unchanged, with an expected number of visitor arrivals of 24.2 and 26.2 million respectively.
Resorts World Genting is equipped with over 10,300 rooms spread across seven hotels and gaming spaces including SkyCasino and Genting Casino. As part of the Genting Integrated Tourism Plan (GITP), Genting Malaysia has introduced various new facilities and attractions, including hotel towers, a cable car system and malls.