The casino operator has reported an increase in revenue driven by the lifting of Covid-19-related restrictions.
Malaysia.- Genting Malaysia has shared its financial results for the second quarter of 2022, reporting that revenue was up 166 per cent year-on-year to MYR2.18bn (US$486.5m). However, the company, however reported a net loss attributable to shareholders of just below MYR10.9m, compared with MYR348.1m in the second quarter of 2021.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was MYR619.5m, compared to MYR45.6m in the prior-year period. Leisure and hospitality revenue for the group in Malaysia increased five times compared to the second quarter of 2021 to MYR1.31bn. Adjusted EBITDA was MYR459.1m in Malaysia, versus a negative adjusted EBITDA of MYR94.2m in the previous quarter.
The company said the improvements were primarily due to an overall higher volume of business at Resorts World Genting (RWG) as a result of the eased travel restrictions in the country.
For the first quarter of the year, Genting Malaysia’s revenue was up 176.2 per cent year-on-year to MYR1.72bn (US$391.3m). Its net loss was MYR147.9m, narrowing by 70.5 per cent. Revenue from leisure and hospitality operations more than tripled year-on-year, to MYR920m.
Genting Malaysia said: “The group will continue to focus on ramping up operations at RWG following further relaxation of Covid-19 restrictions in the country and the reopening of national borders since 1 April 2022.
“In view of the increasing visitor turnout at the resort, the group will also place emphasis on maximising yield contributions by intensifying database analytics and targeted marketing efforts to grow key business segments. At the same time, the group will continue to enhance overall operational efficiencies and service delivery to elevate the quality of guest experience at RWG.”
Genting Malaysia works on a comprehensive recovery plan
In June, the company announced a series of marketing strategies and increased database analytics with the aim of attracting more visitors. It said it plans to ramp up marketing efforts to expand its customer base in the US.
It also plans to leverage its improved facilities at Resorts World New York City and expand product offerings to increase business.
In the UK and Egypt, the group’s operating income rebounded to MYR395.3m in the first quarter of this year, nearly 10 times higher than in the first quarter of 2021. In the US and Bahamas, the group’s leisure and hospitality revenue rose 39.6 per cent year-on-year to MYR357.9m. Adjusted EBITDA for these markets rose 13.7 per cent year-on-year to MYR78m.