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Author: Stockpick2U Dr   |   Latest post: Mon, 5 Oct 2020, 9:46 AM

 

GENTING mentioned impacts of Covid-19 caused to its business remains uncertain

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By Stella Goh

 

According to Genting Malaysia Berhad, the impacts caused by Covid-19 pandemic on its company’s global hotel and casino operations remains uncertain at this juncture. Genting Malaysia said it will focus on the business efficiency to align its cost structure with the new operating environment.

GENM runs Resorts World Casino New York City and Resort World Catskills in the US. While in the Bahamas, GENM operates Resorts World Bimini. Resort World Genting will leverage the domestic demand to drive visitations and revenue on its local operations. The company’s focus remains on the completion of Genting Skyworlds, which is targeted to open in mid-2021.

GENM said the majority of the group’s land-based gaming operations had recommenced since 15 August on its UK and Egypt operations. The operations of UK and Egypt are undertaking active management of cost structure to align with the new operating environment. While the company’s operations in the US and Bahams, GENM said the focus is on ramping up business volume at Resorts World Casino New York and Resorts World Catskills. Both of them will resumed operations on 9 September2020 to positive reception.

GENM’s earnings significantly impacted by temporary closure of US & Bahamas operation throughout 2Q2020.

 

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Labels: GENTING, GENM

Related Stocks

Chart Stock Name Last Change Volume 
GENTING 4.16 +0.10 (2.46%) 8,989,200 
GENM 2.51 +0.06 (2.45%) 11,680,600 

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