Genting Malaysia revenue up 12% in Q4
Genting Malaysia’s revenue reached MYR2.72bn (US$573m) in the fourth quarter.
Malaysia.- Genting Malaysia has shared its financial results for the fourth quarter of 2023. Revenue was MYR2.72bn (US$573m), up 12 per cent when compared to the previous year and flat sequentially.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 78 per cent to MYR843.9m (US$178m). The company reported a profit before taxation (PBT) of MYR294.2m and a net profit of MYR217.6m as compared to a net loss of MYR469.0m in the fourth quarter of 2022.
The leisure and hospitality industry in Malaysia recorded a 13 per cent increase in revenue to MYR1,798.8m (US$379m) and a 13 per cent increase in adjusted EBITDA to MYR529.5m (US$112m). Genting Malaysia attributed this to a higher volume of business from both gaming and non-gaming segments at Resorts World Genting (RWG).
For the full year 2023, Genting Malaysia’s revenue increased by 18 per cent to MYR10.19bn (US$2.15bn) while adjusted EBITDA grew by 24 per cent to MYR2.63bn (US$554m). Genting Malaysia registered a net profit of MYR360.8m (US$76m) compared to a net loss of MYR667.4m (US$141m) in 2022.
The company stated: “In Malaysia, the expected growth in regional tourism and domestic private consumption augurs well for the group’s strategy on increasing visitation and customer spend at RWG.
“Though competitive pressures remain, the group will continue to focus on innovative marketing initiatives to expand customer reach whilst capitalising on value offerings to grow key business segments. Meanwhile, continued investments in infrastructure enhancements at Genting Highlands will be made to ensure the safety of visitors and the surrounding community.”
Resorts World Genting closes two gaming areas for property upgrades
Genting Malaysia has issued a statement confirming that Genting Casino 1 (Circus Palace) and Genting Casino 2 (Hollywood) at RWG have closed for renovation work.
The company stated: “In our ongoing effort to improve our operational efficiency and enhance the gaming and entertainment experience for our guests, we continuously upgrade our facilities. This will involve temporarily closing certain sections of our casino to facilitate the improvements.”
It said gaming at the SkyCasino will continue to operate as usual. It is now the only casino at the venue. The company did not clarify how long the renovations will take or when the affected areas will reopen.
See also: Genting Malaysia buys US$100m stake in US casino operator Empire Resorts
