The casino operator saw revenue start to recover after the reopening of Resort World Genting.<\/p>\n\n\n\n\n\n\n\n
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.<\/p>\n\n\n\n
Its third-quarter loss was just over MYR704.6m (US$173.2m), compared to MYR900.4m in the second quarter. <\/p>\n\n\n\n
The firm runs Malaysia\u2019s only casino resort, Resorts World Genting, but also operates casinos in the United Kingdom, Egypt, the United States and the Bahamas.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The casino group\u2019s 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.<\/p>\n\n\n\n
Nonetheless, it’s a significant improvement on the second quarter, when EBITDA had been negative by MYR486.2m (US$119m).<\/p>\n\n\n\n
Third-quarter group revenue was nearly MYR1.42bn (US$343.5m) down about 46 per cent on the third quarter of 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
The casino operator saw revenue start to recover after the reopening of Resort World Genting.<\/p>\n","protected":false},"author":2,"featured_media":12177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Malaysia Bhd significantly narrowed its Q3 loss by 22% sequentially, reporting MYR704.6m (US$173.2m), following the reopening of its flagship Resorts World Genting. The casino operator achieved positive adjusted EBITDA of MYR310.7m (US$72.3m) for the quarter, a substantial improvement from Q2's negative figures, despite group revenue remaining 46% below 2019 levels due to reduced capacity.","focusai_entities":"Genting Malaysia Bhd, Resorts World Genting","focusai_location":"Malaysia, United Kingdom, Egypt, United States, Bahamas","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting Malaysia Recovery Outlook","query":"What is Genting Malaysia Bhd's projected timeline for returning to pre-pandemic revenue and EBITDA levels, considering ongoing capacity restrictions and international market recovery across its diverse operational footprint?"},{"label":"Regional Gaming Vertical Impact","query":"How do Genting Malaysia's Q3 results compare to other integrated resort operators in key Asian markets, and what are the implications for regional gaming vertical recovery and competitive dynamics?"}],"footnotes":""},"categories":[160,163,16333],"tags":[21298,19394,226],"class_list":["post-12173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-finance-news","category-south-east-asia-news","tag-finances","tag-genting-malaysia","tag-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=12173"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12173\/revisions"}],"predecessor-version":[{"id":12184,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12173\/revisions\/12184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12177"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=12173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=12173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=12173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}