Genting Malaysia scraps outlook as virus fears force unprecedented temporary closures


  • Corporate News
  • Wednesday, 08 Apr 2020

KUALA LUMPUR: Genting Malaysia Bhd,which has temporarily suspended its operations in Malaysia and overseas due to the coronavirus pandemic, told shareholders that it won't be able to comment on its business outlook.

"Given these unprecedented times of uncertainty, it is not prudent at this juncture to issue any statement on the Group’s prospects,"chairman and chief executive Tan Sri Lim Kok Thay said.

His statement, dated April 7, was published in Genting Malaysia's latest annual report released today.

"The situation will remain fluid as governments worldwide adapt to the evolving response to contain the COVID-19 pandemic," he said.

The spread of the COVID-19 and its impact on economies worldwide are major concerns globally.

The COVID-19 outbreak, first detected late last year, has evolved into a global pandemic, with more than 1.4 million cases and at least 80,000 deaths worldwide as at April 8.

To curb the virus spread, governments worldwide have imposed strict travel restrictions and lockdowns that led to the suspension of many business operations.

Economists predicted that a global recession due to the pandemic appeared to be inevitable.

Genting Malaysia, like many of its global peers, are among the worst hit by the slump in the travel, leisure and gaming industries.

"These are unprecedented and challenging times for the group," Lim said.

The group has temporarily suspended operations at Resorts World Genting, Resorts World Awana, Resorts World Kijal and Resorts World Langkawi since March 18, in compliance with the Movement Control Order (MCO) imposed by the government.

The group has also temporarily shuttered its operations in the US, Bahamas and the UK.

"As required by the respective authorities, Resorts World New York City, Resorts World Catskills, Resorts World Bimini, Resorts World Birmingham and the group’s other land-based casinos in the UK are also temporarily closed to curb the spread of COVID-19," Lim said.

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