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Genting Malaysia Records Softer Results in First Quarter of 2023

Posted on June 6, 2023 | 6:49 am

Genting Malaysia, the famous global leisure and hospitality company, has announced its financial results for the first quarter of 2023 and the numbers show the company’s recovery has been slowing down.

Nevertheless, the Malaysian company still reported an increase of 33 percent in group-wide revenues compared to the first quarter of 2022. Moreover, adjusted earnings before interest, tax, depreciation and amortization (EBITDA) also went up by 43 percent year-on-year, driven by strong results at Resorts World Genting, the group’s Malaysian flagship resort.

However, these seemingly positive results were softer than what the group recorded in the final quarter of 2022, mainly because the company’s resorts had less customers than expected due to local weather conditions.

The first quarter of 2023 brought revenue of 2.28 billion Malaysian Ringgit for Genting, while Resorts World Genting brought 1.40 billion of that total. This represents an increase of 42 percent year-on-year, but a decrease of 12 percent compared to the final quarter of 2022.

The company’s properties in the Bahamas and the United States of America also recorded a year-on-year increase of 29 percent in revenue, amounting to a total of 460.6 million Malaysian Ringgit. However, the company’s operations in the United Kingdom and Egypt generated revenue of just 352.5 million Malaysian Ringgit, 11 percent lower than the first quarter of 2022.

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Net Loss Recorded

The group’s adjusted EBITDA amounted to 592.9 million Malaysian Ringgit, 43 percent higher than the similar quarter of last year, and also 25 percent higher than the last quarter of 2022. However, the company still recorded a net loss of 45.4 million Malaysian Ringgit.

Tushar Mohata and Alpa Aggarwal, analysts at Nomura, the well-known Japanese financial company, said in a note released after Genting’s announcement regarding the results, that the slowing down was mainly due to foreign tourist numbers still not returning to pre-Covid levels.

Moreover, the analysts noted that more and more Malaysian players preferred to travel to Macau for gambling, while other domestic players avoided Genting’s resorts due to heavy rainfall in January and February.

Genting Malaysia announced that it expects growth to continue to be supported by domestic demand instead of international tourists. “International travel demand is expected to remain positive, although its recovery could be constrained by the macroeconomic uncertainties and inflationary pressures,” the company added.

Source“Genting Malaysia recovery slows in 1Q23 on Malaysian weather events, lack of international players“ . Inside Asian Gaming. May 26, 2023.

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