The June 19 reopening of Resorts World Genting in Malaysia will likely result in flocks of local patrons returning to the property, according to a June 18 note from analysts at the Nomura Group.
Resorts World Genting originally shut down March 18 due to Covid-19. The country’s borders remain closed.
“We believe that with more than 70 percent of visitors to Genting Highlands being locals, some pent-up demand could return now as the resort resumes operations despite closed international borders,” wrote analysts Tushar Mohata and Alpa Aggarwal.
According to GGRAsia, at first the property’s SkyCasino and Genting Club will be open to members only. “The initial maximum capacity for the various attractions at Genting Highlands and the casino will be limited, due to social distancing measures,” the analysts stated.
“This is in line with our thesis of sharply lower Malaysia revenue/ gross gaming revenue for 2020 (-55 percent to -56 percent year-on-year) before rebounding next year.”
The resumption of operations also applies to Resorts World Kijal and Resorts World Langkawi, said Genting Malaysia. A third non-gaming property in Malaysia, Resorts World Awana, will remain closed.
On June 10, the Malaysian government ordered all economic and social activities to resume. That means Malaysians can travel inside the country and conduct normal transactions such as patronizing markets. International borders will remain closed for now, as well as nightclubs and theme parks. Schools are set to reopen June 24.
