Genting Malaysia Berhad posts first-quarter success

Asian casino operator Genting Malaysia Berhad has reportedly released its first-quarter financial results showing that its aggregated revenues for the three-month period had increased by 176.2% year-on-year to a little over $391.07 million.

According to a report from GGRAsia, the Kuala Lumpur-listed firm behind the giant Resorts World Genting facility in Malaysia also saw its quarterly adjusted earnings before interest, tax, depreciation and amortization swell by 475.3% year-on-year to top $94.22 million. The source detailed that all of this narrowed the operator’s associated pre-tax loss by an impressive 70.5% to about $33.63 million once a range of finance costs and its interest in American operator Empire Resorts Incorporated had been taken into account.

Local largess:

For its business in Malaysia and Genting Malaysia Berhad reportedly recorded a trebling in its first-quarter leisure and hospitality revenues to $66.39 million as its accompanying adjusted earnings before interest, tax, depreciation and amortization rose by 414% year-on-year to exceed $59.77 million. The operator purportedly proclaimed that these improvements, which were joined by ‘higher debt recovery’, had come as a result of the ‘progressive re-opening of borders’ following the coronavirus pandemic as well as the ‘continued easing’ of related restrictions that would ‘improve optimism surrounding the tourism, leisure and hospitality industries including the regional gaming sector.’

Reportedly read a filing from Genting Malaysia Berhad…

“The improvements were primarily due to the overall higher volume of business at Resorts World Genting as a result of the eased travel restrictions in the country.”

Global growth:

For its concerns in Egypt and the United Kingdom, Genting Malaysia Berhad reportedly posted first-half revenues of beyond $89.88 million, which was almost ten times higher than for the same three-month period in 2021. This was purportedly joined by news that the company’s leisure and hospitality businesses in the United States and the Bahamas had experienced a boost of 39.6% year-on-year in associated receipts to $81.37 million as related adjusted earnings before interest, tax, depreciation and amortization grew by 13.7 percent year-on-year to exceed $17.73 million.

The filing from Genting Malaysia Berhad reportedly read…

“These improvements were mainly driven by the strong operating performance registered at Resorts World New York City as facilities in New York continued to operate without mandated coronavirus restrictions.”

Subordinate’s success:

Genting Malaysia Berhad furthermore holds a 49% stake in Empire Resorts Incorporated, which is responsible for New York’s 332-room Resorts World Catskills development in addition to the nearby Monticello Raceway harness horseracing track, and it reportedly asserted that this enterprise had ‘recorded similar improvements’ in its first-quarter operating performance with gross gaming revenues ‘surpassing pre-pandemic levels.’