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Malaysia – Maybank analyst slashes forecasts for Genting Malaysia recovery as COVID cases spike

By - 22 April 2021

A recent rise in COVID-19 cases in Malaysia has seen Maybank Research analyst Samuel Yin Shao Yang slash his own estimates which now pitch Genting Malaysia at operating at a loss of MYR384.8m (US$84.6m) in 2021.

He has slashed 2022 profit guidance by 17 per cent to MYR1.03bn (US$249.9m) and 2023 estimate by four per cent to MYR1.27bn (US$308.2m).

He said: “History suggests that Genting Malaysia’s share price will rally pre-opening of Genting SkyWorlds. We believe that Resorts World New York City (RWNYC) is well positioned to be awarded a lucrative downstate commercial casino license. We opine that 49 per cent-owned Empire Resorts will be less burdensome going forward. We gather that the Mashpee Wampanoag promissory notes may be written back.”

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