1.27.21 - Genting’s New York operations to bounce back strongly
'Genting New York LLC (GENNY), a subsidiary of the Genting Group, is expected to see a strong recovery post-pandemic with long-term opportunities on the horizon amid the economic recovery.'
'In a report yesterday, S&P Global Ratings noted that with the resumption of normal operations from September to mid-November 2020, GENNY’s business was already nearly back to pre-Covid-19 levels.'
'Like other casinos, the company’s operations completely closed for six months from March 2020 due to the pandemic.'
'The company’s operating hours have been curtailed to 14 hours a day from 20 hours since mid-November 2020.'
'“We expect GENNY’s operations to recover more strongly than for Genting’s other gaming locations, such as Singapore and Malaysia.'
'“That’s because the company is located at the heart of the metropolitan area of New York and has a low dependency on tourists for gaming revenue, ” S&P said.'