Genting Malaysia says preparations underway for SkyWorlds theme park

Genting Malaysia says that “preparations are underway” for the opening of its Genting SkyWorlds outdoor theme park, which it describes as a key growth initiative for the integrated resort. 

However, the company did not specify when it would open to the public, leaving analysts the role of predicting its opening date. 

Earlier this month, analysts from Maybank forecasted the theme park to open sometime in February to coincide with Chinese New Year. 

More recently, Affin Hwang Investment Bank said it expected the theme park to open in the first quarter of 2022. 

According to The Edge Markets, the analysts said there is a “high likelihood” of the theme park’s 1Q22 opening, but added that it does not expect the opening to be a re-rating catalyst for Genting Malaysia shares. 

“As the park would be operating at a capped capacity below its 20,000 visitors/day capacity due to social distancing requirements, the park would be operating at a loss, based on our forecast. 

“As such, the impact from the increased overall visitation might be limited, but it would help raise the average spend per visitation,” said analyst Ng Chi Hoong.