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KUALA LUMPUR (September 23): Genting Malaysia Bhd said the full extent of the impact of the Covid-19 pandemic on the group’s global hotel and casino operations remains uncertain at this time.
In its last corporate presentation in September 2020, Genting Malaysia said it will focus on business efficiency to align its cost structure with the new operating environment.
“A recalibrated operating structure enables the group to capitalize on the eventual recovery of the leisure and hospitality sector,” said Genting Malaysia, whose operating units include Resorts World Genting (RWG) in Malaysia as well as Resorts World Birmingham in the UK.
In the US, Genting Malaysia operates Resorts World Casino New York City (RWNYC) and Resorts World Catskills (RW Catskills). In the Bahamas, Genting Malaysia operates Resorts World Bimini (RW Bimini).
On its local operations, Genting Malaysia said that RWG will leverage national demand to boost visits and revenue.
Genting Malaysia said that RWG will also actively manage its cost base.
“Our focus remains the completion of Genting SkyWorlds, which is scheduled to open in mid-2021,” said Genting Malaysia.
On its operations in the United Kingdom and Egypt, Genting Malaysia said that most of the group’s land game operations had restarted since August 15.
Genting Malaysia said its UK and Egyptian operations are “actively managing the cost structure to align with the new operating environment.”
Commenting on the group’s operations in the US and Bahamas, Genting Malaysia said the focus is on increasing business volumes at RWNYC and RW Catskills.
Genting Malaysia said that RWNYC and RW Catskills resumed operations on September 9 with a positive reception.
“The gaming facilities are open to all visitors, while four F&B (food and beverage) establishments in RW Catskills have resumed operations,” said Genting Malaysia.
Genting Malaysia said the group is also gradually reopening hotel rooms in RW Catskills.
Genting Malaysia said RW Bimini had suspended operations since July 25 amid renewed concerns around Covid-19.
“The group’s (Genting Malaysia) earnings were significantly affected by the temporary closures of its operations in the United States and the Bahamas during 2Q20 (the second quarter of 2020),” said Genting Malaysia.
In today’s Bursa Malaysia 12.30pm recess, Genting Malaysia’s stock price closed three sen or 1.4% lower at RM2.12, which valued the company at RM12.04 billion.
The stock saw 8.72 million shares traded.
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