Best Live Casinos
Popular In UK
Top Live Dealer Tables
Native Tables
Game Guides
Other Pages
Best Software Providers
Popular List
Best Payment Methods
Most Popular
Best Bonuses
Our Favourite Offers
Country Specific Pages
Popular List

Genting Malaysia Returns to Profit In Second Quarter

Posted on August 31, 2022 | 5:31 am

Genting Malaysia, the well-known global leisure and hospitality company, has announced its financial results for the second quarter of 2022 and the numbers show a return to profitability.

The company’s revenue more than doubled in the three months to 30 June 2022, amounting to 2.18 billion Malaysian Ringgit. The best performing property was Resorts World Genting, delivering a total revenue of 1.31 billion Malaysian Ringgit.

The results represent a significant improvement compared to the March quarter, when the Malaysian company recorded revenue of 1.72 billion Ringgit, while 920 million of that came from Resorts World Genting.

In the second quarter, Genting Malaysia recorded adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 619.5 million Malaysian Ringgit, a number which represents a huge increase compared to the 45.6 million that were gathered in the same quarter of last year. The result also represents an improvement compared to the first quarter of 2022, when the company’s EBITDA amounted to 414.4 million Malaysian Ringgit.

Resorts World Genting recorded adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 459.1 million Malaysian Ringgit, reversing a loss of 94.2 million that was recorded in the same period of last year. The poor result in 2021 was largely due to restrictions related to the novel coronavirus pandemic, while in 2022 those restrictions were pretty much gone and Malaysia’s borders reopened on 1 April.

Read More

Cautiously Optimistic

The Malaysian corporation also managed to open its new theme park, Genting SkyWorlds, in February 2022, and that venue added some non-gaming revenue to the company’s coffers.

Genting Malaysia also operates businesses in the United Kingdom and Egypt, and revenue from those properties also recorded a sharp increase to 381.2 million Malaysian Ringgit, with adjusted earnings before interest, tax, depreciation and amortization (EBITDA) amounting to 14.3 million Ringgit.

The company’s operations in the United States of America also went well, with revenues rising 18 percent to 417.2 million Malaysian Ringgit while adjusted earnings before interest, tax, depreciation and amortization (EBITDA) went up to 122.9 million Ringgit.

The Malaysian company released a statement in which it declared itself “cautiously optimistic” regarding the near-term future of the leisure and hospitality industry, while announcing its plans to commission up to three additional rides at Genting SkyWorlds within the final quarter of 2022.

SOURCE“Genting Malaysia back to EBITDA profit in 2Q22 as Resorts World Genting revenue soars“ . Inside Asian Gaming. August 26, 2022.

Read More

To make this site work properly, we sometimes place small data files called cookies on your device.