The pro-native American stance of incoming U.S. President Joe Biden may be positive for Genting Malaysia's investment in a Mashpee Wampanoag casino project, Maybank wrote in a research note.
Genting Malaysia's Resorts World Genting said it will close up until Feb. 4th due to movement control orders to stop the spread of Covid-19.
Genting Malaysia's 2021 earnings estimates have been cut by 22 percent by analysts at Kenanga Research due to more Covid-19 lockdowns in Malaysia and the U.K.
Genting Malaysia's U.K. unit has permanently closed its casino in Southport in Northwest England, with 38 staff facing redundancy. The group has already closed casinos in Margate, Torquay and Bristol and has reduced its workforce in London, Glasgow, Edinburgh, Blackpool and Birmingham.
Resorts World Genting says its reducing its capacity, cutting its operating hours and closing some facilities due to anticipated lower visitor arrivals amongst Malaysia's latest round of restrictions to curb rising Covid-19 cases.
Sports Toto Malaysia, Magnum Bhd and Pan Malaysian Pools have again closed their outlets in areas under Movement Control Orders due to rising Covid-19 cases. The affected areas are Penang, Selangor, Melaka, Johor and Sabah as well as the federal territories of Kuala Lumpur, Putrajaya and Labuan.
Genting Malaysia said several canteen workers at its Resorts World Genting resort had tested positive for Covid-19 during regular health screening in early January. The canteens are not accessible to the public.
The Malaysian government has reinstated the number of special lottery draws that can be carried out each year to 22, up from eight last year, to raise extra revenue following the pandemic.
Kenanga Research expects Malaysia's casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.