Genting Malaysia remains invested in building up capacity in the flagship Malaysian asset – Resorts World Genting, which contributes 69 percent to the total revenue pie, the company stated in an investor’s presentation.
The capacity building at Resorts World Genting includes the addition of three new rides at the recently opened Genting SkyWorlds theme park, which is expected to be commissioned in the fourth quarter of fiscal 2022.
Visitation at the company’s Resorts World Genting in the first half of fiscal 2022 increased five folds at 9.9 million as against 2.1 million in the first half of fiscal 2021, whereas occupancy increased by 30 percent at 93 percent from 63 percent on a YoY basis for the same period.
Room nights sales grew nine times at 0.9 room nights from 0.1 room nights, whereas the membership base of the company for the same period grew to add 200,000 new members on a YoY basis at 5.3 million from 5.2 million.
Keeping in view the above data, the company “aims to optimize yield contributions by focussing on key business segments and database marketing efforts,” the presentation notes read.
“Continued ramp-up of RWG’s operations whilst capitalizing on demand for integrated resort offerings along with Leverage existing assets to attract foreign and domestic visitation,” the company noted.
Investments in targeted events and promotions will be made to drive leisure traffic, while the company aims to ramp-up the ride’s capacity at its flagship asset in Malaysia, the presentation notes read.
For the quarter ended on June 30, the company’s net revenue spiked almost two and a half times on a year-on-year basis at MYR 2.18 billion ($470 million) from MYR 818 million ($177 million) in the same quarter in fiscal 2021.
Citing the reasons for the improvement in net revenues for the second quarter of fiscal 2022, the presentation note read, “1H21 operating performance impacted by strict COVID-19 restrictions nationwide and temporary closure of RWG for approximately 2 months, demand recovery driven by further lifting of COVID-19 restrictions and re-opening of national borders since 1 April 2022.”