Genting Malaysia revenue down 68% in Q1

The company saw a decline in revenue because of restrictions to contain the Covid-19 pandemic.

Malaysia.- Genting Malaysia has shared financial results for the first quarter of 2021, showing revenue declined 68 per cent year-on-year, from MYR1.96bn to MYR623.3m (US$150.5m)/

Revenue was also 40 per cent down when compared to the previous quarter.

Genting Malaysia registered losses attributable to shareholders of MYR483.6m (US$116.7m), while last year it reported a loss of MYR418m.

The company suffered a huge drop in revenue from its leisure and hospitality business in Malaysia – down 76 per cent to MYR299m (US$72m) – while in the UK and Egypt, revenue declined by 89 per cent to MYR40.2m (US$10m).

Genting Malaysia blamed the Covid-19 pandemic for the results, stating: “The adverse impact to the group’s earnings was primarily due to the temporary closure of the group’s businesses in Malaysia and the UK.

“The group’s properties also operated at a reduced capacity in compliance with the respective government directives amid the pervasiveness of the Covid-19 pandemic.”

For the first quarter, the company reported negative EBITDA of MYR110.4m (US$27m) while in the last four months of 2020 Genting Malaysia saw positive EBITDA of MYR170.4m (US$42.2m).

Genting Malaysia gaming revenue was MYR490.2m, while the non-gaming segment revenue was MYR110.8m.

In 2020, Genting Malaysia saw EBITDA fall 69.1 per cent to MYR350.3m as revenue declined 57.3 per cent to MYR4.53bn.

Resorts World Genting closes casino due to new Covid-19 countermeasures

Authorities in Malaysia have ordered the temporary closure of the Genting Malaysia’s Resorts World Genting’s (RWG) casino until further notice as part of Covid-19 countermeasures.

Genting Malaysia had been highly criticised by two opposition politicians, who had questioned why it was allowed to continue operating while the country was seeing a rise in Covid-19 cases.

Genting Malaysia said the resort’s hotels, food and beverage outlets, shopping malls, retail outlets and other facilities will remain open from 8am to 8pm until June 7, 2021.

The company said: “We will continue to fully adhere to the strict standard operating procedures issued by the Government throughout the resort and we seek our guests’ cooperation to do the same.”

Movement Control Order 3.0 announced by the government orders people to work from home and limit the operating hours.

Genting Malaysia previously closed for two weeks in February due to a wave of Covid-19 infections.