Singapore\u2019s October visitor arrivals hit 1.13m<\/a><\/p>\n\n\n\nRevenue in the leisure and hospitality segment \u2013 including casino operations was MYR2.65bn, up 19.6 per cent year-on-year. The figure was up 10.5 per cent in quarter-on-quarter terms.<\/p>\n\n\n\n
Malaysian operations contributed MYR1.68bn to the leisure and hospitality revenue, with the quarterly adjusted EBITDA standing at MYR563.9m, a 26.7 per cent year-on-year increase and a 5.9 per cent sequential rise.<\/p>\n\n\n\n
While acknowledging the positive outlook for international tourism, Genting Malaysia expressed caution regarding the near-term outlook for the leisure and hospitality industry.\u00a0The company emphasised its commitment to strengthening business resilience in the face of a challenging operating environment in Malaysia, focusing on optimising yield management, database marketing efforts and ongoing development at Resorts World Genting (RWG).<\/p>\n\n\n\n
Maybank cuts Genting Malaysia\u2019s earnings forecast<\/h2>\n\n\n\n
Analysts at Maybank Investment Bank <\/strong>have adjusted their earnings forecasts for Genting Malaysia due to a 2 per cent rise in service tax in the country. They have made a 4 per cent reduction in the 2024 core net profit forecast and a 5 per cent decrease for 2025. <\/p>\n\n\n\nMaybank\u2019s revision the estimated core net profit at MYR913m (US$191.7m) for the upcoming year and MYR1.01bn for 2025. Analyst Samuel Yin Shao Yang<\/strong> said the service tax increase essentially translates into a gaming tax hike specifically for Resorts World Genting.<\/p>\n\n\n\nThe Malaysian government has announced a raise in the service tax rate<\/strong> from 6 to 8 per cent from March 1, 2024. Shao Yang said Genting Malaysia\u2019 has potential remedies<\/strong>. It could consider measures such as reducing junket commission rates or direct VIP rebate rates, raising hotel room rates, delaying salary increments, and adopting more efficient water and energy consumption practices to mitigate the impact.<\/p>\n","protected":false},"excerpt":{"rendered":"The figure was up 276.6 per cent\u00a0in quarter-on-quarter terms.<\/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 robust Q3 net profit of MYR177.4m, driven by significant revenue and EBITDA growth across its leisure and hospitality segment, particularly in Malaysian operations. Despite a positive international tourism outlook, the company maintains caution regarding the near-term operating environment. Analysts at Maybank have subsequently reduced future earnings forecasts for Genting Malaysia, citing an impending 2% increase in Malaysia's service tax, which is anticipated to impact Resorts World Genting's profitability.","focusai_entities":"Genting Malaysia, Maybank Investment Bank, Samuel Yin Shao Yang, Resorts World Genting","focusai_location":"Malaysia","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact of Service Tax","query":"What specific operational adjustments, beyond those mentioned, is Genting Malaysia considering to fully mitigate the 2% service tax increase's impact on its NGR and EBITDA margins at Resorts World Genting?"},{"label":"Q4 Outlook & Strategy","query":"Given the expressed caution regarding the near-term leisure and hospitality outlook, what are Genting Malaysia's key strategic priorities and capital allocation plans for Q4 and FY2024 to enhance business resilience and shareholder value?"}],"footnotes":""},"categories":[163,16333],"tags":[19394,23907],"class_list":["post-777011405","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\/777011405","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=777011405"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011405\/revisions"}],"predecessor-version":[{"id":777040900,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011405\/revisions\/777040900"}],"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=777011405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}