Genting Malaysia Berhad, the global leisure and hospitality company, has received an encouraging monthly review of its operations in the United States from Nomura, the famous Japanese financial holding company.
In the respective review, Nomura revealed that Genting’s three properties located in the United States continued to generate strong revenue, despite recent problems related to another surge in Covid-19 cases in the region.
Genting Malaysia Berhad owns Resorts World New York City and a 49 percent stake in Resorts World Catskills, along with Resorts World Las Vegas, the company’s brand new venue in Nevada, which opened in June 2021.
Moreover, Nomura pointed out that despite the recent spike in Covid-19 cases in the United States, Genting’s properties recorded substantial gross gaming revenues, in some cases exceeding the levels that were seen before the novel coronavirus pandemic.
“This is all the more encouraging as inbound tourism to the US, especially from Asia, has only recently started to pick up,” the report from Nomura added. The Japanese firm continues to rate Genting’s stocks with a “buy” rating, recommending its customers to buy shares in the Malaysian company.
The report also revealed that the three-month gross gambling revenue at the end of September was 230 million dollars, even though September has been the peak of the latest Covid-19 wave that hit the state of New York. Genting’s revenue at Resorts World New York City was 4 percent higher than pre-Covid levels for the same period.
Resorts World Catskills also reported a 28 percent gain in sequential gross gaming revenue to 64.5 million dollars, which is 5 percent higher than what the resort managed to record before the pandemic started to affect its activity.
