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Genting registers RM1bil loss in 2020, flags highly uncertain year ahead


registered a small net profit in the last quarter, but warned that the outlook for 2021 is highly uncertain due to the Covid-19 pandemic.
For the full year ended Dec 31, 20 the group made a loss of RM1bil.
Revenue was halved to RM11.56bil compared with RM21.6bil a year ago.
The group has declared a special single-tier dividend of 8.5 sen per share for FY20. Total dividend (including the interim dividend of 6.5 sen) for FY20 will amount to 15 sen per share.
The outlook for the global tourism, leisure and hospitality industries remain highly uncertain, Genting said in a statement today.
While the regional gaming market has continued to register some level of recovery, significant challenges will persist in the coming year given the negative impact of the pandemic on the sector, it added.
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Genting New York operations may see sharp recovery after Covid-19-driven shutdown — S&P Global


KUALA LUMPUR (Jan 26): S&P Global Ratings expects Genting Malaysia Bhd’s (GenM) wholly-owned subsidiary Genting New York LLC to register a sharp recovery after the Covid-19 pandemic-driven shutdown as Genting New York operations are located at the heart of the metropolitan area in New York and has a low dependency on tourists for gaming revenue.
In a note yesterday, S&P Global Ratings said that like other casinos, Genting New York’s operations were closed for six months from March 2020 due to the pandemic. 
However, with the resumption of normal operations from September to mid-November 2020, Genting New York s business was already nearly back to pre-Covid-19 levels,” S&P Global Ratings analysts Shawn Park, Simon Wong and Christina Lim wrote in the note. ....

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