Resorts World Genting predicted to reopen by 1 October as Malaysia eases restrictions
Ben Blaschke • September 22, 2021
After being chosen as one of three places to be included in a domestic tourism bubble, Genting Malaysia’s flagship Genting Highlands resort, home to Resorts World Genting (RWG), could reopen by 1 October.
The city of Melaka, the duty-free island of Pulau Tioman, and the city of Genting Highlands have been named as the three destinations for Tuesday by the Ministry of Tourism, Arts, and Culture. They have been approved by the government's COVID-19 Ministerial Quartet and will be presented to a Special Committee on Tackling COVID-19 today.
If final approval is obtained, standard operating procedures will be examined for traveling to and from every location. However, the local media sources stated that the three locations have already been ordered to prepare for welcoming visitors.
RWG has been closed since 1 June under Malaysia’s nationwide lockdown and had until now been excluded from early steps to ease lockdown measures for some businesses, beginning from mid-August.
Nomura analysts Tushar Mohata and Alpa Aggarwal stated in a Tuesday note that they expect RWG to reopen by October 1, which is a positive development for Genting Malaysia.
"We think it is slightly earlier than consensus expectations," they wrote.
"While visitors will need to be fully vaccinated, we believe this will not prove to be a constraint given the high inoculation rate in Kuala Lumpur and surrounding areas. Note that at its last quarterly briefing, Genting management had indicated that 95% of its Malaysian staff were on track to be vaccinated by end-August, and they are ready to open with appropriate social distancing protocols whenever allowed by regulators."
The analysts reiterated their "Buy" rating on Genting Malaysia stocks due to a predicted earnings turnaround in 4Q21, with the new Skyworlds theme park also expected to launch sometime during the quarter.
Source:
Blaschke, B. (2021, September 21). Resorts World Genting predicted to reopen by 1 October as Malaysia eases restrictions. IAG. https://www.asgam.com/index.php/2021/09/22/resorts-world-genting-predicted-to-reopen-by-1-october-as-malaysia-eases-restrictions/
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