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Genting Malaysia Berhad Reports Decreasing Revenue In Third Quarter

Posted on December 1, 2021 | 10:49 am

Genting Malaysia Berhad, the Malaysian operation of Genting Group, the giant global leisure and hospitality company, has announced poor financial results for the third quarter of 2021.

The Malaysian company reported revenue of 826.2 million Malaysian ringgit, which is equivalent to 172.7 million euros. The figure represents a sharp decrease compared to the same period of 2020, the revenue was 41.6 percent lower in the third quarter of 2021.

Most of the revenue during this period came from leisure and hospitality activities. Resorts World Kijal and the other locations Genting operates in Malaysia only managed to gather revenue of 17.1 million Malaysian ringgit in the third quarter, which is 1.16 billion ringgit less than what was recorded in the same period of last year.

The 99 percent decrease in revenue is due to the closure of Resorts World Genting as a result of the country’s government imposing a lockdown in order to stop the spread of the novel coronavirus. The property did not reopen until 30 September, the last day of the financial third quarter.

Genting Group did manage to mitigate some of that loss thanks to its operations in the United Kingdom, where land-based casinos were allowed to reopen in May after lengthy lockdowns due to the novel coronavirus pandemic. The Genting United Kingdom estate, Resorts World Birmingham and Crockford Cairo in Egypt generated revenue of 406.0 Malaysian ringgit, a healthy 209 percent more than the revenue that was reported in the same period of last year.

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Strong Performance In The United States

In the United States, Resorts World New York City and Resorts World Catskills recorded revenue increases, from 69.9 million Malaysian ringgit in 2020 to 364.2 ringgit in the third quarter of 2021. The company’s Resorts World Bimini in the Bahamas also reported increased revenue. Resorts World New York City was also closed as a result of the pandemic until June 2021.

Resorts World Las Vegas, the company’s flagship resort which cost no less than 4.3 billion dollars to build, recorded revenue of 175 million dollars in its first full quarter of operations. The resort opened on June 24 and generated revenues of 650,000 dollars per day during the first week of operations.

Overall, Resorts World Las Vegas reported an adjusted earnings before interest and taxes of 27 million dollars in the third quarter, a very good result considering that the resort still doesn’t have the whole suite of attractions open.

Source: “Local lockdown hits Genting Malaysia revenue in Q3“ . iGaming Business. November 26, 2021.

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