Research firm forecast intact for Genting despite Yokohama withdrawal

Malaysia’s PublicInvest Research said it has left its forecasts and recommendations for Genting Bhd unchanged despite it losing its chance to be part of an IR project in Yokohama, local media reports. 

Last week, Genting Singapore said it was  “surprised and disappointed” at the city of Yokohama’s decision to pull out of a bid to host an integrated resort.

The company was one of two contenders for a license in Yokohama, along with Macau’s Melco Resorts & Entertainment.

Whilst the outcome was a lost opportunity for Genting, PublicInvest says Genting Singapore should deliver better performance given Singapore’s handling of Covid-19 compared to its regional neighbors. 

However, Genting Malaysia will continue to see earnings weakness in its casino operations given the country’s prolonged lockdown.

The firm expects the country to achieve herd immunity only by year end.