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.”