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Under certain conditions, the Malaysian government's plans this year to boost inbound tourism, including visa-free inbound travel for Chinese tourists, could benefit Genting Malaysia Bhd, the operator of Resort World Genting (pictured), the country's only licensed casino complex.

So brokerage Nomura said in a report on Thursday that it looked at the outlook for this year of listed companies listed on the FTSE Bursa Malaysia KLCI index, also known as the Kuala Lumpur Composite.

The report was published as a new and potentially deadly coronavirus that could spread from mainland China to several places, including the gambling hub of Macau, leading to pneumonia.

"Nevertheless, as Visit Malaysia 2020 progresses this year, we see the government's efforts to increase the number of tourists through various initiatives," said the report's author, led by Nomura analysts Tushar Mohata and Alpha Aggarwal.

They noted that Malaysia has placed orders in its official gazette to allow tourists from China or India to enter the country without a visa for up to 15 days. The plan is for the length of the current calendar year, the brokerage said. Chinese tourists are recognized as the main target market by their preference for casino betting in many casino jurisdictions in the Asia-Pacific region.

"With China and India accounting for 11.9% and 3.5% of all arrivals (based on figures reported in September 2019), we believe the campaign can help boost overall tourist arrivals," the Nomura team wrote.

Especially as Genting Malaysia aims to "open" an outdoor theme park at Resort World Genting, a casino complex in the Genting Highlands near the Malaysian capital Kuala Lumpur... In our view, tourist attraction operators such as Genting Malaysia will benefit," the paper said.

Nevertheless, Nomura observed that Genting Malaysia, which is listed in Bursa Malaysia and also interested in casinos in the U.S., Bahamas, the U.K. and Egypt, is "the only stock that expects a decline in earnings in 2020."

This is likely due to "loss in equity due to the share of revenue generated at Resorts World Catskill Casino in upstate New York," and "building consensus with a 7% decline in revenue," the brokerage noted.

In November, Genting Malaysia said it had completed a 38.3% stake acquisition in loss-making Empire Resorts Inc., the operator of Resort World Catskills. The $128.6 million deal was made by an interest in businessman Lim Kok Tay, the controlling shareholder of Genting Group's parent company, in taking Empire Resorts private.

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