Due to an increase in income at all of its sites, Genting Malaysia was able to more than quadruple its profit in the second quarter of the year, reaching RM62.7 million ($14.5 million).
Although profit increased significantly, revenue increased by just 7.8% annually to reach around RM2.67 billion ($618.8 million).
The only licensed integrated resort in Malaysia is run by the group, and revenue from these activities climbed by 5% annually to RM1.61 billion ($373.1 million), “mainly due to higher business volume from Resorts World Genting’s gaming and non-gaming segments.” Nonetheless, the number represented a sequential decline of 8%.
The Malaysia segment’s adjusted EBITDA decreased by almost 1% to RM524.8 million ($121.6 million), however this had no effect on the company’s total adjusted EBITDA increase of 72% to RM770.4 million ($178.55 million).
Looking even farther outside, the group’s activities in the United States and the Bahamas experienced an annual growth in sales of 11% to RM527.8 million ($122.3 million), while its businesses in the UK and Egypt saw a 20 percent gain in revenue to RM468.8 million ($108.65 million).
“Higher contributions from Resorts World New York City and Resorts World Bimini due to its improved operating performance,” the group says, is what’s responsible for the segment’s increase.
The company projects that “the outlook for international tourism is expected to remain positive, underpinned by enhanced air connectivity and improved demand.” As such, it is anticipated that the local gaming sector would continue to gain traction.
It continues to have a “positive” long-term prognosis.
The business states that it “remains focused on leveraging its integrated resort offerings to capitalize on the ongoing recovery in regional travel,” with a particular focus on Malaysia.
Its non-gaming division will get investments, its digital platforms will be updated, and it will “expand strategic partnerships to better meet evolving customer needs and preferences.”
“Focused on enhancing business resilience by reorganizing operations for greater efficiency and productivity, whilst expanding its overall market share,” is the group’s stated goal in the UK.
Genting intends to “place emphasis on enhancing its marketing initiatives to drive visits and expand its customer database,” with an eye toward the US market.
The organization also states that it is “committed to strengthening its competitive position and will closely monitor developments” with respect to the state of New York’s intentions to permit the construction of up to three commercial casinos.
