{"id":1742576,"date":"2022-07-20T09:37:21","date_gmt":"2022-07-20T13:37:21","guid":{"rendered":"https:\/\/platogaming.com\/?post_type=station&p=1742576"},"modified":"2022-07-20T14:41:17","modified_gmt":"2022-07-20T18:41:17","slug":"pessimistic-revised-annual-financial-forecast-for-genting-malaysia-berhad","status":"publish","type":"station","link":"https:\/\/platogaming.com\/plato-data\/pessimistic-revised-annual-financial-forecast-for-genting-malaysia-berhad\/","title":{"rendered":"Pessimistic revised annual financial forecast for Genting Malaysia Berhad"},"content":{"rendered":"

Respected international financial services firm CGS-CIMB has reportedly predicted that Asian casino operator Genting Malaysia Berhad<\/a> will likely generate a net profit of approximately $97.93 million for the whole of 2022.<\/p>\n

According to a report from GGRAsia, this forecast is some 52.5% lower than an earlier associated projection of about $201.93 million and comes as the Kuala Lumpur-listed casino firm is seemingly struggling to emerge from a coronavirus-induced slump. The source<\/a> detailed that Genting Malaysia Berhad runs gambling-friendly properties in the United States<\/a>, Bahamas<\/a>, Egypt<\/a> and the United Kingdom<\/a> while moreover being responsible for Malaysia\u2019s giant Resorts World Genting<\/a> venue.<\/p>\n

Receipts reversal:<\/strong><\/p>\n

CGS-CIMB<\/strong> reportedly used an official filing to additionally decrease its predicted annual revenues forecast for Genting Malaysia Berhad<\/strong> by almost 18% to around $1.94 billion<\/strong> while simultaneously declaring that the firm\u2019s flagship Resorts World Genting<\/strong> enterprise is being \u2018somewhat held back by staff shortages.\u2019 <\/strong>This 12,000-acre development was purportedly temporarily shuttered<\/a> several times over the course of the past two years as Malaysia<\/a> sought to counter a coronavirus pandemic<\/strong> that has been attributed to the deaths of 35,870 locals.<\/p>\n

Property projection:<\/strong><\/p>\n

In their recent filing and CGS-CIMB analysts Sherman Lam Hsien Jin<\/strong> and Foong Choong Chen<\/strong> reportedly also forecast a circa $12.79 million<\/strong> deficit in Genting Malaysia Berhad\u2019s \u2018investments and others<\/strong>\u2019 category for 2022 despite earlier predicting that this figure would likely hit a positive of roughly $4.04 million<\/strong>. Regarding the seven-hotel Resorts World Genting venue and the duo purportedly went on to explain that they now expect the development to post annual revenues of something like $1.19 billion<\/strong>, which would be 21.1% below their earlier estimate of around $1.49 billion<\/strong>.<\/p>\n

Reportedly read a statement from the CGS-CIMB pair\u2026<\/p>\n

\u201cDespite strong demand, Resorts World Genting only operated 5,500 hotel rooms out of a total of 10,500 in mid-May<\/strong> although this was up from 5,200 at the end of March. Resorts World Genting is in the process of hiring more staff<\/strong> and plans to open more rooms over the next six months.\u201d<\/p>\n

Tourist troubles:\"\"<\/strong><\/p>\n

Further compounding the bad news for Genting Malaysia Berhad and the CGS-CIMB analysts reportedly observed that visitors from mainland China<\/a> normally account for as much as 7% of the guests<\/strong> at Resorts World Genting. But the duo purportedly asserted that this market has \u2018not yet returned<\/strong>\u2019 owing to the fact that this giant country\u2019s \u2018borders remain closed<\/strong>\u2019 to all but essential travel<\/a> as Beijing continues a nationwide \u2018zero coronavirus<\/strong>\u2019 strategy.<\/p>\n

Inauguration inconvenience:<\/strong><\/p>\n

Finally, the CGS-CIMB filing reportedly noted that Resorts World Genting\u2019s new Genting SkyWorlds<\/a> outdoor theme park has not fully opened as rapidly as was earlier expected owing to a range of unidentified \u2018technical issues<\/strong>\u2019. This $741 million<\/strong> attraction had its soft-launch in February although the analysts purportedly stated that daily \u2018ticket sales have gradually improved<\/strong>\u2019 from around 2,600 in March to about 3,000 over the course of the next two months.<\/p>\n

The statement from the CGS-CIMB pair reportedly read\u2026<\/p>\n

\u201cOnline checks show mixed feedback with visitor complaints mostly about the intermittent closure of some rides<\/strong> due to technical issues. While we believe these are teething issues<\/strong>, ticket sales growth may be constrained until the operational kinks are ironed out.\u201d<\/p>\n

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