KUALA LUMPUR: Genting Bhd is maintaining a cautious stance on the group's near-term prospects in the leisure and hospitality industry as the sector's outlook stays highly uncertain, but the conglomerate remains upbeat on carrying its long-term business strategies.
Chairman and chief executive Tan Sri Lim Kok Thay said while the regional gaming market has continued to register nascent recovery, significant challenges would persist in the coming year given the negative impact of the pandemic on the sector.
"These unprecedented challenges will not deter us from carrying out the Group’s long-term business strategies that will also help to spur the local economies,” he said in the company's 2020 Annual Report released today.
Among the strategies are completing its ongoing new development projects in 2021, such as Resorts World Las Vegas, outdoor theme park at Resorts World Genting, a 400-room hotel at Resorts World Casino New York City, and the first phase of new attractions under the mega expansion plan at Resorts World Sentosa. (RWS 2.0).
"If the current COVID-19 situation prolongs, we will re-assess the scheduled timelines to meet the challenges ahead," he said.
Lim said the group would continue to take proactive measures to optimise productivity and improve operational efficiency to manage this extremely challenging operating environment.
The company would also assess any good business opportunities that may arise from the new normal that could complement existing businesses or provide new growth for the group, he added.
With a progressive rollout of mass vaccination programmes, global economic conditions were expected to continue recovering, he said.
However, ongoing concerns and uncertainties amid the fluidity of the COVID-19 situation worldwide remained a significant downside risk, hence, the outlook for the global tourism, leisure and hospitality industries remained highly uncertain, he added.
"In Malaysia, near-term growth will be impacted by existing containment measures implemented to curb the spread of COVID-19. Nevertheless, the domestic economy is projected to gradually improve in the longer term, supported by the recovery in global demand as well as monetary and fiscal measures," Lim said. - Bernama