The opening of the long-awaited Genting Skyworld theme park at the Resort World Genting Casino complex near Malaysia's capital Kuala Lumpur could come in time for the Chinese New Year (CNY), Maybank Investment Bank Bhd suggested in a note on Thursday. This time, the lunar calendar-based festival falls on Feb. 1.
The ultimate increase in theme parks (pictured) will help Genting Malaysia Bhd, the resort's promoter, achieve 3.23 billion yuan ($767.9 million) in 2022 earnings before interest, taxation, depreciation and amortization (EBITDA), up 501% year-over-year, Maybank analyst Samuel Insao said in a note.
"We expected Genting Skyworld to open on Dec. 10, 2021, but it did not pass. Channel checks indicate that Genting Malaysia is 'removing' the software issue and hopes to open Genting Skyworld for the Chinese New Year," the analyst wrote.
Despite the delays in attracting, the investment bank said it understands Resort World Genting's "strong" number of visitors in the fourth quarter of 2021 was comparable to 4 million in the third quarter of 2020. The latest trend has been aided by high COVID-19 vaccination rates across Malaysia's population.
Maybank forecasts Zenting Malaysia's 2021 EBITDA of $537.2 million, a 63% year-over-year recovery, as it expects the impact of COVID-19 on the company's overseas casino business in the U.S., the Bahamas and the U.K. to be "full."
Genting Malaysia's group-wide EBITDA could reach 3.23 billion yuan in 2022 and 3.47 billion yuan in 2023, the financial institution said.
Maybank also estimated the casino operator will rebound to net profit of 973.2 million yuan in 2022 and 1.21 billion yuan in 2023, after reporting a net loss of 1.05 billion yuan in 2021.
BY: 에볼루션 바카라사이트