Genting Malaysia Records Profit In First Quarter Of 2022

Genting Malaysia, the massive global leisure and hospitality company, has announced that the first quarter of 2022 has brought a substantial profit as revenue surged after restrictions related to the novel coronavirus pandemic were lifted.

The company’s earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 414.4 million Malaysian Ringgit, which converts approximately into 94.2 million U.S. dollars.

That figure represents a substantial improvement from the same period of 2021, when the Malaysian company recorded a loss of 110.4 million Malaysian Ringgit. The gaming and hospitality corporation has shown signs of recovery in the final quarter of 2021, when it recorded a net profit of 124 million Malaysian Ringgit.

However, the result fell slightly below the expectations of analysts from J.P. Morgan, the famous American financial institution, which expected Genting Malaysia to record EBITDA of 450 million Malaysian Ringgit in the first quarter of 2022.

Nevertheless, Genting announced that all the segments of its worldwide business have recorded improvements, mainly thanks to Covid-19 restrictions being lifted in most parts of the world.

Genting Malaysia operates the only casino in the country, Resorts World Malaysia, and that venue represents the largest part of its business. However, the company also owns and operates casinos in the United Kingdom, Egypt, Bahamas and the United States of America.

The company’s revenue from Malaysia was boosted by the recent revamp of its property. In fact, Genting tripled its revenue in Malaysia to almost 1 billion Malaysian Ringgit in the first quarter of 2022.

The performance was even better in the United Kingdom and Egypt, where revenue was ten times higher than what was recorded in the same quarter of the previous year. Moreover, EBITDA from these territories amounted to 84.7 million Malaysian Ringgit, a definite improvement from the 51.7 million loss recorded in the first four months of 2021.

Genting’s business in the United States and Bahamas recorded a revenue increase of 40 percent year-on-year to a total of 357.9 million Malaysian Ringgit. That performance was mainly driven by Resorts World New York City, which recorded gross gaming revenue that was comparable to pre-pandemic levels.

Source: . Asia Gaming Brief. May 26, 2022.