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The Resorts World Genting casino complex (pictured) in Malaysia has “temporarily closed” its casino from today (Monday, May 24), until further notice, because of a so-called movement control order imposed by the country’s government as a Covid-19 countermeasure. “Resorts World Genting will be limiting its operating hours from 8am to 8pm, effective 25 May until 7 June 2021,” according to a Monday notice on the website of the casino property, a venue operated by Genting Malaysia Bhd. “This applies to all our hotels, food and beverage outlets, shopping malls, retail outlets and other facilities. Some of our offerings may not be available during this period,” it stated. ....
Maybank Investment Bank Bhd says it now expects Genting Malaysia Bhd to record a core net loss for 2021, “due to the recent surge in new Covid-19 cases” in Malaysia, where the gaming firm runs its main earner, the Resorts World Genting casino complex (pictured) near Kuala Lumpur. The brokerage said it was now forecasting Genting Malaysia’s “full-year core net loss” at MYR384.8 million (US$93.5 million), compared to a 2020 core net profit of MYR137.9 million, wrote analyst Samuel Yin Shao Yang, in comments accompanying a Tuesday note. Resorts World Genting resumed operations on February 16, after being closed for more than three weeks as a Covid-19 countermeasure, due to a spike in infections in that country. ....
Casino operator Genting Malaysia Bhd should be able to “deleverage in one or two years” thanks to “gradual” recovery in demand following the Covid-19 pandemic, and thanks to maintaining financial discipline and operating flexibility, coupled with moderating capital expenditure, says a Tuesday note from Fitch Ratings Inc. Fitch expects Genting Malaysia’s earnings before interest, taxation, depreciation and amortisation (EBITDA) to return to pre-pandemic levels and net debt/EBITDA “to fall to below three times by end-2022 on healthy demand,” it stated. On the outgoings side, “Genting Malaysia budgets MYR1 billion [US$242.0 million] of capital expenditure in 2021, and MYR500 million to MYR600 million annually thereafter, mainly for maintenance capex,” noted Fitch. ....
GGRAsia – GEN Malaysia fresh US$20mln cash input to Empire Resorts ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Genting Malaysia asks staff to take further pay cuts on latest COVID-19 impact: report 2.8k VIEWS Genting Malaysia, operator of Malaysia’s Resorts World Genting, has reportedly asked some employees to undergo further staff pay cuts as it looks to limit the damage from the ongoing COVID-19 pandemic. According to a report by Bloomberg, an internal Genting Malaysia memo circulated on Monday 1 March 2021 requests that some employees agree to a temporary pay cut of between 15% and 20% for a period of around three months, until May. Other staff have been asked to take one day of leave each week without pay. ....