Genting Malaysia has reported a 43 percent annual increase in adjusted EBITDA – to RM592.9 million ($128.94 million) – and a 33 percent increase in revenue – to RM2.28 billion ($496.51 million) in the first quarter of the year, despite registering a loss of RM45.4 million ($9.87 million).

The largest contributor to the group’s revenue was its Malaysia segment – which operates Resorts World Genting – contributing RM1.4 billion ($304 million) in revenue, up 52 percent yearly, while EBITDA rose by 66 percent annually, to RM436.5 million ($94.93 million).

The group notes that the rise in Malaysian business at Resorts World Genting after pandemic-related restrictions were lifted and borders opened in 2Q22 also led to a ramp-up of the group’s operations, leading to ‘higher operating expenses in 1Q23’.

Looking at the group’s other segments – its UK and Egypt operations saw revenues decline by 11 percent, to RM352.2 million ($76.6 million), ‘mainly due to lower volume of business recorded by the Group’s UK gaming operations amid ongoing inflationary pressures’. This also resulted in a 50 percent yearly adjusted EBITDA fall, to RM42.4 million ($9.22 million() in the segment, also impacted by ‘higher payroll and operating expenses’.

Looking at the group’s US and Bahamas segment, a 29 percent increase in revenue was registered, to RM460.7 million ($100.2 million), while adjusted EBITDA grew 77 percent annually, to RM138.4 million ($30 million). This was driven by strong performance at both the group’s Resorts World New York City (RWNYC) and the Hilton Miami Downton hotel, and ‘improved operating performance’ at its Resorts World Bimini property’. Ramp-ups and higher payroll costs also drove up expenses during the quarter’.

The group notes that it ‘maintained its position as the market leader by gaming revenue in New York State’ during the quarter – and continues to ‘strengthen its competitive position in the region’ by attempting to get one of three commercial casino licenses up for grabs in the state.

Overall, for the company during the quarter, gaming revenue totaled RM1.6 billion ($347.9 million), while non-gaming revenue totaled RM607.1 million ($132 million).