Worst is over for Resorts World Genting, according to RHB analysis

By Violeta Prockyte

RHB Research Institute has announced the worst is over for Resorts World Genting. The research noted the venue, which is owned by Genting Malaysia, shows significant improvement in visitations since it reopened several months ago. 

According to the analyst Loo Tunwye, RHB visited the property on September 19 to observe the crowds three months after reopening. He said: “Overall, we were positive, as the crowd was decent and has improved significantly since the re-opening.” Many shops were open, with queues forming for some of the non-gaming attractions and restaurants."

Only Genting Rewards members are permitted to enter the SkyCity casino, but it too has more guests than a few months ago. 

RHB said: “The significant improvement in visitor arrivals seen reaffirmed our positive view on the pace of recovery post reopening. While it has yet to reach pre-pandemic levels due to social distancing measures, we believe that it has reached an inflection point.”

Analysts also noted the social distancing rules were gradually relaxed in the casino: “Around 3-4 persons are allowed to stand behind the seated guests, which brings the total guests per table at c.7-8 persons.” Both seated and unseated guests can now place bets, with the minimum bet of MYR50 ($12.04). 

Currently, the shares for Genting Malaysia holds “Buy” status, with target share price of MYR2.59. According to analysts, the company is in the position for cyclical recovery. 

 

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