(Updated)

Genting chairman Lim Kok Thay says gaming market registered nascent recovery

Genting chairman Lim Kok Thay says gaming market registered nascent recovery
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KUALA LUMPUR (April 7): Genting Bhd chairman and chief executive Tan Sri Lim Kok Thay said that while the regional gaming market had continued to register a nascent recovery, significant challenges will persist in 2021 given the negative impact of the Covid-19 pandemic on the sector as the outlook for the global tourism, leisure and hospitality industries remains highly uncertain.

In the casino and hotel operator’s latest annual report filed with Bursa Malaysia today, Lim said the group maintains a cautious stance on near-term prospects for the leisure and hospitality industry.

“The outlook for the global tourism, leisure and hospitality industries remains highly uncertain. While the regional gaming market continued to register a nascent recovery, significant challenges will persist in the coming year given the negative impact of the pandemic on the sector,” he said.

Lim noted that despite the headwinds, the group will persevere with long-term strategies to spur local economies.

These strategies include the completion of ongoing development projects in 2021, such as the new Resorts World Las Vegas, the new outdoor theme park at Resorts World Genting, the new 400-room hotel at Resorts World Casino New York City and the first phase of new attractions from the RWS 2.0 mega expansion plan at Resorts World Sentosa.

He added that the group will continue to proactively optimise productivity and improve operational efficiency to manage the extremely challenging operating environment

“We will also assess any good business opportunities that may arise from this new normal that could complement existing businesses or provide new growth for the group,” he said.

At 12.30pm today, Genting was down two sen or 0.38% at RM5.18, giving it a market capitalisation of RM17.58 billion.

Lam Jian Wyn