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.