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HomeIntelligenceDeep DiveGenting Malaysia sees profit, revenue up as Resorts World improves

Genting Malaysia sees profit, revenue up as Resorts World improves

Resorts World Genting has registered a 25 percent increase in revenue in the first quarter of the year, hitting RM1.75 billion ($372.2 million), while Genting Malaysia Berhad recorded a 21 percent increase in revenue, hitting RM2.76 billion ($586.87 million).

During the period, net profit reached RM36.7 million ($7.8 million), reversing a loss of RM45.4 million ($9.65 million) recorded in the same quarter of last year.

Total gaming revenue for the group hit RM1.99 billion ($423.1 million), while non-gaming totaled RM715.5 million ($152.1 million).

Genting Malaysia operates the country’s only licensed casino, Resorts World Genting, as well as having operations in the UK, Egypt, the US and the Bahamas.

Adjusted EBITDA from the Malaysia segment rose by 34 percent yearly, hitting RM583.6 million ($124.1 million), contributing to the 10 percent overall rise in the group’s EBITDA, of RM654.1 million ($139 million).

Meanwhile, profit before tax hit some RM115.9 million ($24.64 million), more than doubling on a yearly basis.

Looking ahead, the group notes that, regarding Malaysia, ‘ongoing investments in new and refreshed products and experiences are underway with new ecotourism attractions in the pipeline’.

In regards to the group’s US operations, it notes that it will ‘continue to closely monitor developments surrounding the New York Gaming Facility Board’s Request for Application to solicit proposals for up to three commercial casinos in New York State and respond accordingly’.

Resorts World New York

Regarding its US operation, the group indicates that ‘competition in the region increases’ but that ‘the group remains committed to driving growth and profitability’.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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