Genting Malaysia sees strong growth in Q1

Jenny Ortiz May 31, 2024

SiGMA news

Genting Malaysia sees strong growth in Q1

Resorts World Genting achieved a 25 percent rise in revenue, reaching RM1.75 billion (€343.9 million). Meanwhile, Genting Malaysia Berhad saw its revenue climb by 21 percent to RM2.76 billion (€542.3 million). This positive shift reversed last year’s first-quarter loss of RM45.4 million (€8.91 million), as the company reported a net profit of RM36.7 million (€7.2 million).

The group’s total gaming revenue amounted to RM1.99 billion (€391 million). Additionally, non-gaming revenue contributed RM715.5 million (€140.5 million) to the overall financial performance. Genting Malaysia, which operates the sole licenced casino in the country at Resorts World Genting, also maintains operations in the UK, Egypt, the US, and the Bahamas.

In 2023, the leisure and hospitality operations of Genting Malaysia recorded a 23 percent rise in revenue.

Improved earnings from Malaysia operations

Genting Malaysia’s adjusted EBITDA for its Malaysian segment saw a substantial 34 percent increase year-over-year, reaching RM583.6 million (€114.6 million). This improvement played a key role in the group’s overall EBITDA rising by 10 percent, totalling RM654.1 million (€128.4 million). Furthermore, profit before tax more than doubled from the previous year, reaching RM115.9 million (€22.7 million).

Future investments and expansion plans

Looking ahead, Genting Malaysia is committed to ongoing investments in Malaysia, with plans for new and revitalized products and experiences, including new ecotourism attractions.

In the US, the group is closely watching the New York Gaming Facility Board’s Request for Application, which aims to solicit proposals for up to three new commercial casinos in New York State. Despite increasing competition in the region, Genting Malaysia remains dedicated to fostering growth and enhancing profitability in its US operations.

Earlier this year, the company announced another substantial investment in its U.S. subsidiary, Empire Resorts. The infusion of capital amounts to $100 million (€92.4 million), bringing Genting Malaysia’s total investment in Empire Resorts to an impressive $724 million (€669.08 million).

Commitment to growth amidst challenges

Genting Malaysia’s robust first-quarter performance underscores its resilience and strategic focus on growth across its diverse portfolio of gaming and non-gaming operations globally.