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Genting Malaysia Narrows Financial Loss In Third Quarter

Posted on December 1, 2022 | 8:39 am

Genting Malaysia, the famous global leisure and hospitality company, has announced its financial results for the third quarter of 2022 and the numbers show the company has managed to narrow its losses.

In the third quarter of 2022 the company recorded a loss of 8.26 million Malaysian Ringgit, which is equivalent to 1.83 million U.S. dollars. That result is much better compared to the same quarter of 2021, when the company lost 307.04 million Malaysian Ringgit.

The company’s revenue recorded a sharp increase, amounting to 2.27 billion Malaysian Ringgit for the quarter, a figure which represents an increase of 174 percent year-on-year.

The Genting Group operates the only licensed casino property in Malaysia, Resorts World Genting, along with multiple casinos in the United States of America, the United Kingdom, Bahamas and Egypt.

During the third quarter of 2022, the company’s operations in Malaysia generated revenue of 1.39 billion Malaysian Ringgit, mostly driven by the healthy recovery in business volume registered at Resorts World Genting after the Malaysian government reopened the national borders after the novel coronavirus pandemic.

Last year, Resorts World Genting had to remain closed between June 1st and September 29th as there was a nationwide lockdown. Moreover, the company also benefited from more revenue generated by the non-gaming segment following the launch of a new theme park called Genting SkyWorlds.

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Cautiously Optimistic

Following the third-quarter results, a company statement indicated that the group “remains cautiously optimistic on the near-term outlook of the leisure and hospitality industry”, but added that the increase in visitation at Resorts World Genting is “encouraging”.

Regarding the company’s operations in the United States, which together with the business in Bahamas brought in 424.9 million Malaysian Ringgit in the third quarter, the group indicated that it expects to “capitalize on growth opportunities” in that market.

The company also added that it focuses on ramping up the activity at Resorts World New York City while also planning to open its Resorts World Hudson Valley property before the end of 2022.

Group-wide adjusted earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 647.1 million Malaysian Ringgit, a drastic increase from the 57.7 million Malaysian Ringgit recorded in the same quarter of 2021.

SOURCE“Genting Malaysia narrows its 3Q22 loss to $1.84mln“Asia Gaming Brief. November 25, 2022.

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