The company registered a loss of MYR348.1m (US$82.8m) for the second quarter of the year.<\/p>\n\n\n\n\n\n\n\n
Malaysia.-\u00a0Genting Malaysia<\/strong>\u00a0has shared financial results for the second quarter of 2021, showing a\u00a0reduced loss of MYR348.1m (US$82.8m)<\/strong>\u00a0when compared to a loss of MYR900.4m in Q2 2020.<\/p>\n\n\n\n The company noted that the first half of the year 2020 had been heavily impacted by the Covid-19 pandemic and\u00a0multiple closures<\/a>.<\/p>\n\n\n\n For the second quarter of 2021, revenue grew 611.7 per cent year-on-year<\/strong>\u00a0from MYR114.9m to MYR817.9m (US$195m).\u00a0However,\u00a0revenue for the first half was down 30.4 per cent<\/strong>, from MYR2.07bn to MYR1.44bn.<\/p>\n\n\n\n Gaming revenue for the first half was MYR1.14bn, down 23.3 per cent year-on-year. The leisure and hospitality business saw revenue rise by MYR155.7m when compared to the previous year.<\/p>\n\n\n\n Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the second quarter was positive by MYR45.6m. In the second quarter of 2020, the company recorded an adjusted EBITDA loss of MYR486.2m. For the first six months of 2021, Genting Malaysia saw a\u00a0negative EBITDA of MYR64.8m (US$42.2m)<\/strong>.<\/p>\n\n\n\n Analysts at banking group Nomura predict third-quarter results are likely to be worse than the second quarter<\/strong>.<\/p>\n\n\n\n Resorts World Genting<\/a>\u2018s casino has been closed since May and the company\u00a0closed all of its services\u00a0<\/strong>in June, after Malaysian Prime Minister announced a nationwide\u00a0Covid-19 lockdown.<\/strong><\/p>\n\n\n\n According to analysts, the closure means a cash burn of nearly MYR3.5m (US$834,900) <\/strong>per day.<\/p>\n\n\n\n Analysts previously expected the\u00a0casino venue to reopen by the end of August<\/a>. However, the country has seen a rise in Covid-19 cases and Genting Malaysia<\/a>\u00a0may not reopen until November.<\/p>\n","protected":false},"excerpt":{"rendered":" The company registered a loss of MYR348.1m (US$82.8m) for the second quarter of the year.<\/p>\n","protected":false},"author":176,"featured_media":18062,"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 Q2 2021 net loss of MYR348.1m, a substantial reduction from Q2 2020, with revenue surging 611.7% YoY to MYR817.9m. Despite positive Q2 adjusted EBITDA, H1 2021 revenue and gaming vertical performance remained challenged by ongoing COVID-19 impacts. Analysts project a more severe Q3, anticipating continued operational cash burn and a potential delay in the reopening of Resorts World Genting until November due to persistent nationwide lockdown measures.","focusai_entities":"Genting Malaysia, Nomura, Resorts World Genting","focusai_location":"Malaysia","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q3 Outlook & Cash Burn","query":"Given the projected Q3 deterioration and daily cash burn, what specific liquidity management strategies is Genting Malaysia implementing to sustain operations until full reopening?"},{"label":"Reopening Strategy Impact","query":"How will the extended closure of Resorts World Genting until November impact Genting Malaysia's market share recovery and long-term competitive positioning within the regional integrated resort landscape?"}],"footnotes":""},"categories":[163,16333],"tags":[19394,23907],"class_list":["post-22057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-malaysia","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22057","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=22057"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22057\/revisions"}],"predecessor-version":[{"id":22082,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22057\/revisions\/22082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18062"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Analysts expect a worse third quarter for Genting Malaysia<\/h2>\n\n\n\n