{"id":18294,"date":"2021-05-26T15:43:34","date_gmt":"2021-05-26T15:43:34","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=18294"},"modified":"2026-04-23T19:12:26","modified_gmt":"2026-04-23T22:12:26","slug":"genting-malaysia-revenue-down-68-in-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-malaysia-revenue-down-68-in-q1","title":{"rendered":"Genting Malaysia revenue down 68% in Q1"},"content":{"rendered":"\n

The company saw a decline in revenue because of restrictions to contain the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n

Malaysia.-\u00a0Genting Malaysia<\/strong>\u00a0has 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)<\/strong>\/<\/p>\n\n\n\n

Revenue was also 40 per cent down<\/strong> when compared to the previous quarter.<\/p>\n\n\n\n

Genting Malaysia registered\u00a0losses attributable to shareholders of MYR483.6m (US$116.7m)<\/strong>, while last year it reported a loss of MYR418m.<\/p>\n\n\n\n

The company suffered a huge drop in revenue from its leisure and hospitality business in Malaysia \u2013\u00a0down 76 per cent to MYR299m (US$72m)\u00a0<\/strong>\u2013 while in the UK and Egypt, revenue declined by 89 per cent to MYR40.2m (US$10m).<\/p>\n\n\n\n

Genting Malaysia\u00a0blamed the Covid-19 pandemic\u00a0<\/strong>for the results, stating: “The adverse impact to the group\u2019s earnings was primarily due to the temporary closure of the group\u2019s businesses in Malaysia and the UK.<\/p>\n\n\n\n

“The group\u2019s properties also operated at a reduced capacity <\/strong>in compliance with the respective government directives amid the pervasiveness of the Covid-19 pandemic.\u201d<\/p>\n\n\n\n

For the first quarter, the company reported\u00a0negative EBITDA of MYR110.4m (US$27m)\u00a0<\/strong>while in the last four months of 2020\u00a0Genting Malaysia<\/a>\u00a0saw positive EBITDA of MYR170.4m (US$42.2m).<\/p>\n\n\n\n

Genting Malaysia\u00a0gaming revenue was MYR490.2m,\u00a0<\/strong>while the non-gaming segment revenue was MYR110.8m.<\/p>\n\n\n\n

In 2020, Genting Malaysia saw EBITDA fall 69.1 per cent to MYR350.3m<\/strong> as revenue declined 57.3 per cent to MYR4.53bn.<\/p>\n\n\n\n

Resorts World Genting closes casino due to new Covid-19 countermeasures<\/strong><\/h2>\n\n\n\n

Authorities in Malaysia have ordered the temporary closure<\/strong> of the Genting Malaysia’s<\/a> Resorts World Genting\u2019s (RWG) casino <\/strong>until further notice as part of Covid-19 countermeasures.<\/p>\n\n\n\n

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

Genting Malaysia said the resort\u2019s hotels, food and beverage outlets, shopping malls, retail outlets <\/strong>and other facilities will remain open from 8am to 8pm until June 7, 2021.<\/p>\n\n\n\n

The company said: \u201cWe will continue to fully adhere to the strict standard operating procedures <\/strong>issued by the Government throughout the resort and we seek our guests\u2019 cooperation to do the same.\u201d<\/p>\n\n\n\n

Movement Control Order 3.0 <\/strong>announced by the government orders people to work from home and limit the operating hours.<\/p>\n\n\n\n

Genting Malaysia<\/strong> previously closed for two weeks in February <\/strong>due to a wave of Covid-19 infections.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company saw a decline in revenue because of restrictions to contain the Covid-19 pandemic.<\/p>\n","protected":false},"author":176,"featured_media":18308,"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 reported a significant 68% year-on-year decline in Q1 2021 revenue and increased attributable losses, primarily driven by extensive operational closures and capacity restrictions across its integrated resort portfolio in Malaysia, the UK, and Egypt due to the COVID-19 pandemic. The temporary closure of Resorts World Genting's casino under Malaysia's Movement Control Order 3.0 further exacerbates the operational challenges for this key gaming vertical.","focusai_entities":"Genting Malaysia, Resorts World Genting","focusai_location":"Malaysia, UK, Egypt","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q2 2021 Outlook?","query":"What are Genting Malaysia's projected operational strategies and financial outlook for Q2 2021, considering the ongoing Movement Control Order 3.0 and potential for further regulatory restrictions?"},{"label":"Diversification Strategy?","query":"How is Genting Malaysia evaluating its long-term diversification strategy to mitigate future revenue volatility from pandemic-related operational disruptions across its integrated resort portfolio?"}],"footnotes":""},"categories":[163,16333],"tags":[19394],"class_list":["post-18294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18294","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=18294"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18294\/revisions"}],"predecessor-version":[{"id":18322,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18294\/revisions\/18322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18308"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=18294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=18294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=18294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}