The group has also confirmed its movie-inspired theme park is still scheduled to open in mid-2021.\u00a0\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n
Malaysia.-\u00a0Casino and hotel operator Genting Malaysia says it will focus on continuing to cut costs and on domestic demand, as the future of its business remains uncertain.\u00a0\u00a0<\/p>\n\n\n\n
In its latest presentation to investors, the firm analysed the evolution of its casino and resorts businesses in Malaysia, the US and the Bahamas, as well as its UK and Egypt unit.\u00a0\u00a0<\/p>\n\n\n\n
It said that as a whole, revenues dropped 96 per cent year-on-year in the second quarter, and 61 per cent in Q1. Net profits for both periods fell by more than 100 per cent.\u00a0\u00a0<\/p>\n\n\n\n
The firm said: \u201cBusiness volumes severely impacted by unprecedented disruptions to the group\u2019s resort operations worldwide.\u00a0<\/p>\n\n\n\n
“Recalibrated operating structure in 2Q20 creates stronger platform for future profitability and long-term shareholder value.\u201d <\/p>\n\n\n\n
The company’s main property in Malaysia, Resorts World Genting, closed in mid-March due to the Covid-19 pandemic and reopened with limited capacity on June 19,\u00a0“to positive response.\u201d\u00a0<\/p>\n\n\n\n
The company sees\u00a0“steady growth despite increasingly challenging operating environment\u201d and will continue to\u00a0actively manage its cost base to mitigate the financial impact of the pandemic.\u00a0<\/p>\n\n\n\n
Even so, the operator said \u201cthe full extent of the impact of Covid-19 on the group\u2019s operations remains uncertain\u201d and that its goal was to focus on\u00a0business efficiency to align cost structure with that new operating environment.\u00a0\u00a0<\/p>\n\n\n\n
It said it plans to \u201cleverage domestic demand to drive visitation and revenue\u201d.\u00a0\u00a0<\/p>\n\n\n\n