Maybank Investment Bank associate director Samuel Yin Shao Yang believes that Malaysia’s recent decision to let Chinese citizens visa-free entry may not have a significant impact on the nation’s gaming industry.
He underlined that just 4% of all visitors to Resorts World Genting in 2019 were from China; the majority, or 85%, were from Singaporean and local markets.
With this proposal, Malaysia intends to increase tourism and economic growth, but given its existing market composition, the effect on the massive gaming company may be negligible.
The decision to provide Chinese and Indian people entry without a visa was made public by Malaysian Prime Minister Anwar Ibrahim. This move is in line with China’s intention to waive visa restrictions for Malaysian citizens living in China from December 1, 2023 to November 30, 2024.
The sole casino with a license in Malaysia, Resorts World Genting, is run by Genting Malaysia Bhd. The company is nonetheless upbeat about international travel and anticipates more connection and capacity from smaller airlines. In the third quarter of 2023, Genting Malaysia Bhd reported a net profit attributable to shareholders of MYR 177.4 million ($37.9 million), a significant increase over the same time the previous year.
Original story by: Asia Gaming Brief
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