Genting Malaysia Records Losses in Fourth Quarter of 2022

Genting Malaysia, the renowned global leisure and hospitality company, has announced its final financial results for the fourth quarter of 2022 and the numbers show a net loss attributable to shareholders of 393.96 million Malaysian Ringgit, which would convert into 88.82 million U.S. dollars.

This represents quite a swing from the profit of 174.11 million Malaysian Ringgit that was recorded in the same quarter of 2021, and also a worse result than the narrow loss of just 8.26 million Malaysian Ringgit that was recorded in the third quarter of 2022.

The loss comes even though the company recorded a significant revenue increase of 28.8 percent year-on-year, amounting to 2.43 billion Malaysian Ringgit. Most of that revenue came from Resorts World Genting, the only licensed casino in Malaysia.

The Genting Group also announced that its adjusted earnings before interest, tax, depreciation and amortization (EBIDTDA) declined by 36 percent on an annual basis to 472.9 million Malaysian Ringgit. However, the company’s Malaysia property contributed 467.3 million of that, and that figure represents a rise of 30 percent compared to the previous year.

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Revenue from the company’s leisure and hospitality business in the country also went up by 65 percent to a total amount of 1.58 billion Malaysian Ringgit. The positive result was attributed to the higher volume of business registered at Resorts World Genting as things ramped up after borders reopened an COVID restrictions disappeared.

As for the results for the whole year, revenue from Malaysia more than tripled, amounting to 5.21 billion Malaysian Ringgit. That was also attributed to the better performance of Resorts World Genting but also to the comparison with 2021, a year in which COVID restrictions had a severe impact on business.

Adjusted earnings before interest, tax, depreciation and amortization for the whole year amounted to 2.11 billion Malaysian Ringgit, a rise of 191 percent year-on-year, while overall losses narrowed to 519.97 million from 946.83 million in 2021.

The Genting Group operates the only licensed casino property in Malaysia, Resorts World Genting, along with multiple casinos in the United States of America, the United Kingdom, Bahamas and Egypt. The group’s Malaysian property includes seven hotels with a total of 10,500 rooms, a casino, a theme park and business convention facilities.

Source:

, Asia Gaming Brief, February 24, 2023.