Malaysian casino equipment supplier and distributor RGB International Bhd is optimistic about the casino equipment market over the next three to five years, expecting record profits this year.
The company’s growth is primarily driven by its strategic expansions in the Philippines and Cambodia.
In an interview with Malaysia’s business publication The Edge, RGB’s Chief Operating Officer, Steven Lim Tow Boon, emphasized that the gaming industry, particularly the casino equipment sector, is expected to perform strongly in the coming years, with the Philippines playing a key role in driving this growth.
In May, RGB secured a substantial order from 16 state-run casinos under the Philippine Amusement and Gaming Corporation (PAGCOR), winning an open tender to supply nearly 2,000 slot machines.
Further boosting its regional presence, RGB signed an exclusive agreement with Firm 614 to assist in importing, selling, and distributing gaming equipment and software to operators licensed by Cambodia’s Commercial Gambling Management Commission (CGMC). Notably, Firm 614 is currently the only company in Cambodia accredited and licensed for gaming activities by the CGMC.
Chuah Eng Meng, senior vice president of RGB’s sales, support, and marketing division, highlighted to the publication that Cambodia has approximately 6,500 slot machines distributed across 118 casinos, with projections indicating that this figure could rise to 10,000 machines in the coming years.
Despite absorbing impairments totaling RM37.1 million ($8.6 million), RGB International Bhd posted a significant increase in net profit for the financial year ending December 31st, 2023.
The company’s net profit rose 5.5 times to RM21.21 million ($4.9 million), up from RM3.82 million ($886,344) in the previous year. Excluding these impairments, earnings would have more than doubled, reaching RM58.3 million ($13.5 million).
Chuah Eng Meng expressed confidence that RGB would be able to reverse these impairments, citing progress already reflected in the company’s second-quarter results for FY2024.
He also emphasized that RGB is on track for another strong performance in FY2024, expecting net profit to surpass its previous record of RM40.17 million ($9.3 million) set in 2019. In the first half of FY2024 alone, RGB reported earnings of RM40.7 million ($9.4 million).
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