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.
