Genting Malaysia, the well-known global leisure and hospitality company, has received good news ahead of the New Year from Nomura Research as analysts expect the Malaysian company to grow in 2023.
The main asset behind that growth is expected to be Resorts World Genting, the huge resort and casino that the company owns and operates in Malaysia. Analysts at Nomura Research estimate that this asset will drive Genting Malaysia’s recovery in 2023, with local earnings expected to grow by 38 percent to a total of 2.2 billion Malaysian Ringgit.
The analysts also explained that Genting Malaysia had underperformed in 2022 mainly due to limited tourism from China due to restrictions related to the novel coronavirus pandemic.
However, Resorts World Genting is expected to see its earnings improve constantly in 2023 as visitor arrivals are expected to continue growing with Chinese border reopening.
The analysts also took into account that Genting Malaysia will open additional attractions at its Skyworlds theme park, and those are expected to drive additional revenue as well.
As for the company’s operations in New York City and the United Kingdom, the analysts expect them to remain stable as they have already managed to reach the levels of visitations that had been recorded before the Covid-19 pandemic. Overall, Nomura Research has Genting Malaysia as its top pick when it comes to stock in the entertainment and leisure sector.
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