GEN Malaysia Targets completion of theme park Q3; TBC Opens

Casino group Genting Malaysia Bhd said it was aiming for the completion of the Genting Skyworld outdoor theme park at its flagship resort World Genting property “in the third quarter of 2021.”

In February, company executives said they were targeting the second quarter of this year for the launch of a theme park (rendering photograph of the artist) on the site of a gaming resort on the outskirts of Kuala Lumpur, Malaysia’s capital.

At the end of April, the recruitment of employees at the facility began.

However, the company said in a statement based on its first-quarter results submitted to Bursa Malaysia on Tuesday that the third movement control order will be imposed in the country as a response to COVID-19, “continue to adversely affect the group’s business following the temporary closure of Resort World Genting’s casino operations from May 24, 2021.”

“While the Group continues to work towards the completion of the Genting Skyworld outdoor theme park in Q3 2021, the park’s opening date will depend on developments surrounding the COVID-19 situation and its impact on the domestic leisure and hospitality sector,” it added

Genting Malaysia says it has invested “more than $800 million” in Genting SkyWorlds,

The theme park covers 26 acres (10.52 hectares) and is said to have a capacity of up to 20,000 tourists at a time under normal trading conditions.

Many investment analysts have suggested that the park’s opening could help expand the gaming resort’s overall revenue by attracting new customers.

“With the rise of Genting Skyworld theme parks, we forecast that 2022 earnings for casino companies before interest, taxation, depreciation and amortization could rise 132%,” Samuel Insao, analyst at Maybank Investment Bank Bhd, said in a Wednesday note on Genting Malaysia’s first quarter.

In its first-quarter earnings press release, Genting Malaysia said its leisure and hospitality businesses, including gaming, saw a 76% year-over-year drop in revenue, “mainly due to the government’s implementation of its second movement control order, suspending group resort operations from January 22 to mid-February 2021 and subsequently resuming accommodation with reduced capacity.”

BY: 메이저 토토사이트

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