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Malaysia – Opening of Genting SkyWorlds theme park hinges on COVID recovery

By - 27 May 2021

With a loss of MYR501.3m (US$121m) for the three months to March 31 2021, and uncertainty across its global gaming markets, Genting Malaysia has said there can be no guarantees of when it will be able to open its Genting SkyWorlds theme park at its flagship Resorts World in Malaysia.

The group’s revenue in 1Q 2021 was RM623.3m, a decrease of 68 per cent compared with RM1,955.9m in 1Q 2020. The leisure and hospitality segment of the Group recorded lower revenue in 1Q 2021 as a result of the temporary closure of the group’s businesses in Malaysia and the United Kingdom, in addition to the Group’s properties operating at a reduced capacity in compliance with the respective government directives amid the outbreak of the COVID-19 pandemic.

Malaysian casino Resorts World Genting (RWG) was down to MYR299m (US$72m). The UK and Egypt fell by RM331m or 89 per cent, mainly due to the nationwide lockdown in UK with effect from early January 2021, where all the land-based casino and resort operations were temporarily closed. Casino operations in Cairo, Egypt which has resumed operations since October 2020 continue to operate with lower business volume 1Q 2021. Its businesses in the United States of America and Bahamas were hit by RM64.4m or 20 per cent per cent mainly due to Resorts World Casino New York City operating with reduced capacity and limited operating hours following the recommencement of its business since September 2020.

Genting Malaysia said: “The recovery momentum of the global economy is expected to continue, aided by the fiscal and monetary policy support in certain major economies as well as the ongoing roll-out of mass vaccination programmes. However, uncertainties surrounding the global outlook remain given the evolving COVID-19 situation.

“In Malaysia, the imposition of a third Movement Control Order (MCO 3.0) nationwide will continue to adversely impact the Group’s business following the temporary closure of RWG’s casino operations from 24 May 2021. The Group will continue to assess its operating structure to align its cost base to the challenging operating and business environment. While the Group continues to work towards the completion of Genting SkyWorlds outdoor theme park in the third quarter of 2021, the opening date of the park is dependent on developments surrounding the COVID-19 situation and its impact to the leisure and hospitality sector in the country.

“In the UK, the Group’s land-based casinos have reopened since 17 May 2021. The Group will focus on driving revenues and business volume at its venues, while adopting an agile approach in managing its cost structure and business model to better adapt to the new operating environment.

“In the US, the Group remains committed to reinforcing its position in the New York State gaming market by leveraging synergies between RWNYC and Resorts World Catskills to develop and grow its strong local market exposure. Meanwhile, preparations are in place for the opening of the new 400-room Hyatt Regency JFK at Resorts World New York hotel from the middle of 2021. With the roll-out of new amenities at RWNYC, the expansion project will improve RWNYC’s competitive position in the region, in addition to providing the Group with an ideal platform for growth. In the Bahamas, the Group will continue to focus on driving visitation and spend at RW Bimini.

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