Genting Berhad posted a massive yearly profit increase in the third quarter, hitting RM177.4 million, up from RM11.37 million in 3Q22.
The group also saw revenue increase during the period, up 19 percent yearly to RM2.7 billion.
Adjusted EBITDA during the period likewise rose by some 23 percent yearly to RM747.6 million.
The group noted that during the third quarter, ‘leisure and hospitality operations in Malaysia recorded higher revenue by 20% to RM1,680.9 million, mainly attributable to the overall higher volume of business registered by Resorts World Genting (RWG) gaming and non-gaming segments’.
The group’s Malaysia segment delivered some RM1.68 billion in revenue, up 20 percent yearly, as adjusted EBITDA rallied 27 percent, to RM563.9 million.
The group’s United States and Bahamas operations also helped drive revenue, as EBITDA rose 6 percent, to RM135.5 million, on the back of revenue increasing 11 percent, to RM473.7 million. The group attributes this to the higher volume of business registered at Resorts World New York City (RWNYC) and the improved operating performance of Resorts World Bimini.
The group’s UK and Egypt operations also saw strong increases, with revenue up 26 percent, to RM494.9 million, and EBITDA at RM99.1 million, a rise of 34 percent yearly.
Looking ahead, the group notes that high inflation is likely to cause headwinds, while stating that ‘In Malaysia, domestic demand and employment growth is expected to continue driving the expansion of the local economy’.
The group also expects the ‘positive outlook for international tourism’ to be ‘sustained’ as the regional gaming market recovers on the back of increased airline capacity and connectivity.
