Genting Malaysia Turns The Corner With Losses Narrowing 69%

Credit: Genting Malaysia

Genting Malaysia Berhad announced its financial results for the first quarter with total revenue growing by 33% to RM2.28 billion while adjusted EBITDA improved by 43% to RM592.9 million.

The Group also registered a profit before taxation of RM41.3 million as compared to a loss before taxation of RM116.1 million in the same period last year (1Q22), however, the net loss of RM45.4 million was mainly due to deferred tax provisions recognised in the quarter. Notwithstanding, the Group’s net loss narrowed by 69% from 1Q22.

In Malaysia, the leisure and hospitality business recorded higher revenue by 52% to RM1,402.6 million and the Group reported an increase in adjusted EBITDA by 66% to RM436.5 million. These improvements were primarily attributable to the overall higher volume of business registered at Resorts World Genting (RWG) following the lifting of pandemic-related restrictions and the reopening of the national borders on 1 April.

On the outlook, for Malaysia, the Group said it remains focused on enhancing yields at RWG by intensifying its database marketing efforts whilst improving overall operational efficiencies at the resort. In the UK, the Group remains focused on maintaining the recovery momentum registered at its venues despite the continued challenges in the operating landscape.

As for US, RWNYC maintained its position as the market leader by gaming revenue in New York State. The Group remains committed to exploring opportunities that will strengthen its competitive position in the region, which include developments surrounding the New York Gaming Facility Board’s Request for Application to solicit proposals for up to three commercial casinos in New York State

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