Genting Malaysia has narrowed its third-quarter loss significantly, when compared to 2021, recording a loss of RM8.26m (US$1.83m), as opposed to RM307.04m ($68.3m) in 3Q21.
The results announced yesterday indicated a sharp rise in group revenue, totaling RM2.27bn ($505m), up 174 per cent yearly. The group operates Malaysia’s only licensed casino property, Resorts World Genting, as well as casinos in the US, the UK, the Bahamas and Egypt.
During the period, the Malaysian operator’s leisure and hospitality segment recorded revenue of RM1.39bn ($309.26m) , “primarily driven by the strong recovery in overall business volume registered at Resorts World Genting after the reopening of the national borders and higher contributions from the non-gaming segment following the launch of the new Genting SkyWorlds theme park.”
The group notes it was “heavily impacted” by the closure of RWG from June 1 to September 29 of last year under a nationwide lockdown, helping the comparative upticks for 3Q22.
The group notes that it “remains cautiously optimistic on the near-term outlook of the leisure and hospitality industry”, being “encouraged by the increase in visitation at RWG.”
Regarding the group’s US operations, which together with its Bahamas segment brought in RM424.9m ($94.53m), a 60 per cent yearly increase, the group notes it is “ready to capitalise on revenue and growth opportunities”, noting in particular the lifting of a moratorium in New York on the remaining three downstate casino licences.
It notes that its ramp-up of Resorts World New York City “continues to be a key focus” and that it plans to open its Resorts World Hudson Valley property “by the end of the year.”
Source: Asia Gaming Brief