Genting reports loss in third quarter

While the company reported a net loss of €313.7 million, revenue increased 14.5%.

Hong Kong.- Genting Malaysia has released its latest financial report, which indicates that during the third quarter of the year, ended September 30, net loss totalled €313.7 million, compared with a €40 million profit registered last year.

According to a note from Maybank Kim Eng analyst Samuel Yin Shao Yang, while net loss was unfavourable, revenue increased 14.5% to €540 million, and EBITDA during the three-month period achieved a record high at 162 million.

The company reported the Q3 loss after writing off an investment in promissory notes for a casino project in Massachusetts, United States. The investment totalled €375.3 million, but the project was stopped after the Department of Interior ruled that the tribe didn’t have enough authority to operate an integrated resort.

Moreover, the parent company of Genting Malaysia, Genting Bhd, revealed that it has already spent €880 million on the Resorts World Las Vegas, which is expected to open in 2020 with 3000 rooms.