Resorts World Genting (RWG) in Malaysia’s Genting Highlands could reopen as soon as October 1 after being named as one of three destinations to be included in a domestic tourism bubble.
According to Inside Asian Gaming, Malaysia’s Ministry of Tourism, Arts and Culture named Genting Highlands, the city of Melaka and the island of Pulau Tioman as the three destinations approved by the government’s Covid-19 Ministerial Quartet.
RWG has been closed since June 1 under a national lockdown and was not included in plans for some businesses to gradually reopen, which started in mid-August.
Nomura analysts Tushar Mohata and Alpa Aggarwal said of the plan, “While it is possible that visitors would need to be fully vaccinated, we believe this will not prove to be a constraint given the high inoculation rate in Kuala Lumpur and surrounding areas. Note that at its last quarterly briefing, Genting management had indicated that 95 percent of its Malaysian staff were on track to be vaccinated by end-August, and they are ready to open with appropriate social distancing protocols whenever allowed by regulators.”
The analysts reiterated their “buy” rating on Genting Malaysia stocks due to a predicted earnings turnaround in the fourth quarter, with the new Skyworlds theme park also expected to launch at that time.
