Genting Malaysia managed to more than double its profit in the second quarter of the year, topping RM62.7 million ($14.5 million), as revenue across its various properties increased during the period.
Despite the strong increase in profit, revenue rose by just 7.8 percent yearly, reaching nearly RM2.67 billion ($618.8 million).
Revenue from the group’s Malaysia operations, where it operates the country’s only licensed integrated resort, increased by 5 percent yearly, reaching RM1.61 billion ($373.1 million), ‘mainly due to higher business volume from Resorts World Genting’s gaming and non-gaming segments’. The figure, however, was an 8 percent drop sequentially.
Adjusted EBITDA fell by some 1 percent, to RM524.8 million ($121.6 million) for the Malaysia segment, which failed to impact the overall 72 percent rise in adjusted EBITDA for the company overall – reaching RM770.4 million ($178.55 million).
Looking further abroad, the group’s operations in the UK and Egypt generated a 20 percent increase in revenue, to RM468.8 million ($108.65 million), while its operations in the United States and the Bahamas saw an 11 percent uptick yearly, to RM527.8 million ($122.3 million).
The group attributes the uptick in the segment to ‘higher contributions from Resorts World New York City and Resorts World Bimini due to its improved operating performance’.
Looking ahead, the group notes that ‘the outlook for international tourism is expected to remain positive, underpinned by improved demand and enhanced air connectivity. Consequently, the regional gaming market is expected to maintain its recovery momentum’.
It maintains a ‘positive’ outlook for the longer-term.
Looking specifically at Malaysia, the group notes that it ‘remains focused on leveraging its integrated resort offerings to capitalize on the ongoing recovery in regional travel’.
This includes investments in its non-gaming aspects, refreshing of its digital platforms and ‘expanding strategic partnerships to better meet evolving customer needs and preferences’.
In the UK, the group aims to ‘focus on enhancing business resilience by reorganizing operations for greater efficiency and productivity, whilst expanding its overall market share’.
Looking to the US, Genting plans to ‘place emphasis on enhancing its marketing initiatives to drive visitations and expand its customer database’.
The group further notes that it is ‘committed to strengthening its competitive position and will closely monitor developments’ regarding New York’s plans to allow up to three commercial casinos in the state.
