Genting’s associate Landmarks suspends resort ops due to COVID-19 disruptions

KUALA LUMPUR (April 1): Genting Bhd’s associate Landmarks Bhd has announced that it will be temporarily closing its resorts and leisure operations in Malaysia and Indonesia, starting today.

"This drastic decision is a direct result of the COVID-19 pandemic, which has caused serious and significant disruption to both domestic and international travels," it said in a stock exchange filing. As at March 29, Genting has a 27.55% stake in Landmarks.

The health risks caused by the pandemic and the containment measures imposed by the government has had a huge negative impact to the operations of its resorts, it said.

"The company’s management is closely monitoring the situation with a view to recommencing operations bearing in mind that the safety of patrons is paramount. In the interim, the company is prudently implementing cost control measures," it added.

Starting from 2017, Landmarks has been focusing on developing a 338ha integrated resort city, the Treasure Bay Bintan, in Indonesia’s Bintan Island that is located 45km south-east of Singapore.

The project was reported to have a gross development value (GDV) of over RM2 billion, and will integrate tourism, wellness, culture, leisure, residential and commercial real estates.

Landmark shares closed 1.5 sen or 6.1% higher at 26 sen today, giving it a market value of RM137.51 million. However, its share price is at a multi-year low level, as the tourism industry became the first and hardest hit industry by the pandemic.

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