Visitor numbers at Resorts World Genting (RWG), Malaysia's only licensed casino property (file photo), should "fully recover" to pre-COVID-19 levels next year, according to a note from Maybank Securities. With visitor arrivals recovering more slowly than expected, the brokerage also cut revenue estimates for Resorts World Genting's parent Malaysia Genting.

"Our conversations and observations show that domestic and Singaporean visitors arriving at Resort World Genting have almost fully recovered to annual levels in 2019," wrote analyst Samuel Yin Sao Yang. He noted that the majority of Singaporean tourists to Resort World Genting enter Malaysia by land.

"Visitors from major markets such as Indonesia, Hong Kong and [mainland] China have not returned collectively due to low flight capacity," he added. However, In said flight capacity was ready to return to pre-COVID-19 levels by the end of the year under the announced "flight strategy of Malaysian airlines".

Based on its observations, Maybank lowered its forecast for the full 2023 number of visitors arriving at Resort World Genting to 20.8 million from its previous estimate of 23.7 million.

The brokerage also cut Genting Malaysia's forecast for full-year 2023 earnings by 27%. Maybank now expects the casino operator to have earnings before interest, taxation, depreciation and amortization (EBITDA) of 2.78 billion yuan ($634 million).

In recalled that "forever fears" related to December 2022 landslides in the Tiwangsa Mountains, where Resort World Genting is located, led to 4.7 million visitors in the first quarter of 2023, down about 11% quarter-on-quarter

"Resort World Genting visitor arrivals have started to improve since March 2023, but we currently have approximately 56,000 quarterly Resorts World Genting daily visitor arrivals in the second quarter of 2023, ranging from 5.1 million to 5.2 million Resorts World Genting visitors, which is still about 15% below the annual 201 level," the brokerage said.

Genting Malaysia reported first-quarter adjusted EBITDA of 592.9 million MYR, up 43.1% year-over-year and 25.4% quarter-over-quarter, respectively. Quarterly adjusted EBITDA of its Malaysian unit was 436.5 million MYR, up 66.0% year-over-year but down 6.6% sequentially, it said in a filing with Bursa Malaysia last month.

Genting Malaysia also operates casinos in the U.S. and Bahamas, the U.K., and Egypt.

BY: 슬롯사이트 추천

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