Genting Malaysia Berhad recorded adjusted EBITDA of RM53.7 million in 3Q21, aided by the recovery of the Group’s overseas operations. However, its total revenue continues to be pressured with a 42% decline to RM826.3 million compared to RM1.4 billion recorded for the same period in 2020.
Its reported loss before tax is RM379.2 million while the group’s net loss improved by 58% to RM307.0 million compared to RM726 million. For the nine months of 2021, Group reported lower total revenue by 35% to RM2.26 billion an LBITDA of RM11.1 million, which the group lists due to the impact of the COVID-19 disruptions. As for the LBT, it has narrowed by 29% to RM1.3 billion while net loss improved by 44% to RM1.1 billion for the period.
Among the worst hit was the leisure and hospitality business in Malaysia which recorded a 99% decrease in revenue to RM17.7 million with an adjusted LBITDA of RM164.8 million. This was primarily due to the temporary closure of Resorts World Group since 1 June 2021 in compliance with a government directive of a nationwide total lockdown.
According to Genting, the lower operating expenses coupled with payroll and related cost savings mitigated the impact to earnings. UK and Egypt achieved revenue of RM406.0 million, more than three times the level recorded in the same period last year with an adjusted EBITDA of RM102.1 million.
In the US and Bahamas, the Group reported revenue of RM364.2 million, more than five times of the level recorded in the same period last year registering profits of RM120.4 million These improvements were predominantly due to the strong operating performance registered at Resorts World New York City.
In Malaysia, the Group is encouraged by the positive reception to the resumption of business at RWG,in view of the increasing visitor turnout, the Group will ramp up its operational capacity by leveraging existing assets. Genting SkyWorlds, the theme park is targeted to complete by the end of 2021 and the Group is currently preparing for its
opening. In the US, the Group will expand its growth with the development of Empire’s new video gaming machines facility, Resorts World Hudson Valley in Orange County, New York, which is targeted to open soon.
