Tuesday, January 25, 2022

Genting Skyworld in Malaysia’s only casino complex may open by Chinese New Year

The Genting Skyworlds theme park at Resorts World Genting (RWG) has missed several opening dates, including one in December 2021. However, some analysts predict that the long-awaited mega park may open by chinese new year Which falls on 1st February in 2022.

While opening and final operations, in full swing, could help the owner of the casino complex and resort, Genting Malaysia Bhd grew more than five times, said Samuel Yin Shao Yang, an analyst at Maybank Investment Bank Bhd, in a memo on Thursday. Is. Income before interest, taxation, depreciation and amortization (EBITDA) for the first year. He expected this number to reach MYR3.23 billion (US$767.9 million) for the year 2022.

The analyst noted that tourist visits to the property in Pahang, near Malaysia’s capital Kuala Lumpur, were strong in the fourth quarter of 2021 and on par with 3Q20 when there were around 4,000,000 visitors. The sprawling casino complex spread out over the sea includes the First World Hotel – the largest hotel in the world with more than 7,350 rooms sandwiched between two towers.

Malaysian opening preparations

GGRAsia noted that the strong rebound in footfall at Malaysia’s only casino was helped by the high rate of vaccination for COVID-19 found in the Malaysian population. Worldwide, more than half the population has been fully vaccinated, while 79.3% of Malaysians have achieved this distinction.

Reflecting on previously missed opening date estimates, the analyst wrote: “We expected Genting Skyworld to open on December 10, 2021, but that didn’t happen. Channel Check informs us that Genting Malaysia is ‘ironing out’ software issues and hopes to open Genting Skyworld for the Chinese New Year.,

Referring to some of the figures prepared to reach expectations, the analyst said: “The Google Mobility Retail and Recreation Index, which measures interest in retail and entertainment relative to pre-COVID-19 times, shows that Malaysians are much more comfortable today which is very positive for RWG.

“Google Trends, which measures search interest in a particular word, also indicates that the RWG is ‘front of mind’ for many Malaysians during the holidays if the Omicron version is put away. The upcoming Chinese New Year Must be good for RWG,According to a report by G3 Newswire.

Covid impact expected to be “moderate”

Maybank forecasts Genting Malaysia’s 2021 EBITDA to grow 63 percent year-on-year to MYR537.2 million, with expectations that the impact of COVID-19 on the company’s overseas casino business – in the United States, Bahamas and United Kingdom, “Medium”.

The park will include nine uniquely themed fantasy worlds as part of a ten-year master plan to develop, expand, enhance and refurbish the former theme park, under construction since 2013, as well as the hotel and overall infrastructure. With an average of one world class amusement ride per acre on a 26-acre development.

Worlds includes Studio Plaza, Eagle Mountain, Central Park, Rio, Andromeda Base, Liberty Lane, Epic, Robots Rivet Town, and Ice Age.

Source: Genting Theme Park Likely Launched by CNY: Maybank, GGRAsia, January 7, 2022

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