Casino operator Genting Malaysia’s net profit surged to MYR158.3 million ($33.8 million) in the third quarter ended Sept 30, 2023. The figure represents a notable reversal for the company, bouncing back from an MYR8.2 million ($1.75 million) loss recorded in the same period last year.
Revenue surged 19% to MYR2.71 billion (US$579 million) during the quarter, backed by robust performance in the leisure and hospitality sectors both at home and abroad. The company saw revenues grow across its gaming operations in Malaysia, the UK and Egypt, and the US and Bahamas.
Flagship Malaysian property Resorts World Genting achieved a 20% improvement in revenue, reaching MYR1.68 billion ($359 million). Additionally, the company’s properties in the UK and Egypt grew revenue by 26% to MYR494.9 million ($106 million), while its properties in the US and Bahamas increased by 11% to MYR473.7 million ($101 million).
In the initial nine months of 2023, Genting Malaysia achieved a 21% rise in revenues, reaching MYR7.47 billion ($1.60 billion), along with a 9% increase in Adjusted EBITDA, totaling MYR1.79 billion ($382 million). Notably, Resorts World Genting contributed significantly to this total, recording a 27% surge in revenues to MYR4.62 billion ($987 million) and a notable 31% increase in Adjusted EBITDA, amounting to MYR1.53 billion ($327 million).
“The group will continue to place emphasis on operational excellence and effective cost management, positioning the group to capitalize on the long-term growth trajectory in travel from the wider region. At the same time, the group will optimize yield management and database marketing efforts to grow business volumes and visitation at RWG,” the company said.
Moving ahead, the group maintains a cautious stance on the immediate prospects of the leisure and hospitality industry but holds a positive outlook for the longer term. It anticipates sustained positivity in international tourism, acknowledging that macroeconomic concerns may remain pivotal in the effective recovery of the travel and tourism sectors. Additionally, the group foresees ongoing recovery in the regional gaming market as airline capacity and air connectivity in the region improve.
In Malaysia, Genting is focusing on operational excellence and efficient cost management, positioning the group to leverage the long-term growth trajectory in travel from the broader region. Additionally, the company plans to persist in investing in infrastructure enhancements at Genting Highlands.
