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.