Genting Berhad’s Q3 revenue soars during challenging times
Genting Berhad recently unveiled its financial report for the third quarter of 2023, showcasing a remarkable 20.39 percent year-on-year increase in group revenue, reaching an impressive RM7.37 billion ($1.57 billion).
This positive financial trajectory is largely attributed to the steadfast recovery of the leisure & hospitality division.
Leisure & Hospitality Division Leads the Way
The notable surge in group revenue is underpinned by the robust performance of Genting’s Leisure & Hospitality Division. This sector’s continuous recovery has played a pivotal role in driving the company’s overall financial success in the third quarter of 2023.
Source: SiGMA
Resorts World Sentosa and Genting mark significant gains
Resorts World Sentosa stands out as a success story, benefiting from the sustained recovery of travel and tourism within the region. The third quarter witnessed a substantial increase in both revenue and EBITDA for Resorts World Sentosa.
Similarly, Resorts World Genting experienced a surge in revenue, attributed to heightened business activity in both gaming and non-gaming segments. This uptick is notably linked to the relaxation of border controls, presenting a marked contrast to the challenges faced in Q3 2022.
Integrated casino resorts Genting remains optimistic about the regional gaming market’s recovery. Led by Tan Sri Lim Kok Thay, (in photo above), Genting Group’s global operations span various sectors. In the leisure and hospitality domain, the group collaborates with premier brands and international partners.
Genting’s outlook for 2023 and beyond
While celebrating the current successes, Genting acknowledges the potential impact of various factors on its financial performance for the remainder of the 2023 fiscal year. The company remains attuned to the trajectory of domestic demand employment growth and the ongoing recovery of the regional gaming market. A key factor identified in sustaining this recovery is the improvement of airline capacity and air connectivity in the region.
In a move highlighting corporate responsibility, the report also discloses Resorts World Sentosa’s collaboration with local charity organization Food from the Heart. This collaboration aims to fund the distribution of fresh, locally sourced produce to 2,400 underprivileged families across the island over the next three years.
As Genting charts its course through the challenging landscape, these revelations underscore both the triumphs and the strategic considerations shaping the company’s path in 2023 and beyond.
