CGS-CIMB, a respected international financial services company, reportedly expects Asian casino operator Genting Malaysia Berhad to post a net profit of about $97.93 million in 2022.

According to a report by GGRAsia, the forecast is about 52.5% lower than its previous relevant estimate of about $21.93 million and comes as the Kuala Lumpur-listed casino company appears to be struggling to emerge from the coronavirus-induced downturn. Genting Malaysia Berhad operates gambling-friendly properties in the United States, the Bahamas, Egypt and the United Kingdom, and is responsible for Malaysia's huge resort world genting venues, the sources said.

Reversal of receipt:

CGS-CIMB reportedly used official filings to further lower Malaysia's Berhad's full-year forecast for revenue by about 18% to about $1.94 billion, while declaring the company's flagship Resort World Genting company "suffering somewhat with staff shortages." The 12,000-acre development has reportedly been temporarily shut down several times in the past two years as Malaysia works to cope with the coronavirus pandemic, which has caused the deaths of 35,870 locals.

Project Properties:

Recent filings and CGS-CIMB analysts Sherman Ramshen Jin and Poong Chong Chen also reportedly forecast a deficit of about $12.79 million in 2022, despite expecting to post a positive figure of about $4.04 million in Zenting Malaysia's Berhad's "investment and other" segment. The resort's World Genting venue, which consists of seven hotels, and the pair expect the development to bring in annual revenue of about $1.19 billion, 21.1% lower than the initial estimate of about $1.49 billion.

Reportedly read the description of the CGS-CIMB pair...

"Despite strong demand, Resort World Genting operated only 5,500 of its 10,500 total hotel rooms through mid-May, up from 5,200 at the end of March. Resort World Genting is in the process of hiring staff and plans to open more rooms over the next six months."

Tourist problem:

Genting Malaysia Berhad and CGS-CIMB analysts reported that they observed that visitors from mainland China made up 7% of guests at Resort World Genting. But the pair reportedly claimed that the market is "not back yet" as Beijing continues its nationwide "zero coronavirus" strategy, as the country's borders remain "closed" for all but essential travel.

Inauguration Day Inconvenience:

Lastly, according to the CGS-CIMB file, Resort World Genting's new Genting Sky World Outdoor Theme Park did not open as quickly as previously expected due to a variety of unknown "technical issues." The $741 million attraction made a soft launch in February, but analysts said daily "ticket sales gradually improved from about 2,600 in March to about 3,000 in the following two months."

The description of the CGS-CIMB pair says...

"Online checks show visitor complaints and mixed feedback about intermittent closures of some rides, primarily due to technical issues. We believe these are tooth-biting issues, but ticket sales growth may be limited until operational disruptions are resolved."

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