Genting Malaysia narrows losses in Q3
The casino operator saw revenue start to recover after the reopening of Resort World Genting.
Malaysia.- Casino operator Genting Malaysia Bhd narrowed its quarterly loss by nearly 22 per cent sequentially in the third quarter following the huge impact of the pandemic on finances during Q2.
Its third-quarter loss was just over MYR704.6m (US$173.2m), compared to MYR900.4m in the second quarter.
The firm runs Malaysia’s only casino resort, Resorts World Genting, but also operates casinos in the United Kingdom, Egypt, the United States and the Bahamas.
Resort World Genting, its main moneymaker, was closed from the start of the pandemic in March until June 19 due to government-mandated Covid-19 restrictions. Since then, the complex has been running at reduced capacity.
The casino group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was positive for the third quarter at MYR310.7m (US$72.3m) but down 55 per cent on the MYR694.4m seen in the third quarter of 2019.
Nonetheless, it’s a significant improvement on the second quarter, when EBITDA had been negative by MYR486.2m (US$119m).
Third-quarter group revenue was nearly MYR1.42bn (US$343.5m) down about 46 per cent on the third quarter of 2019.
