Genting Malaysia reported a MYR726.2 million ($178.5 million) loss for the third quarter of 2020, as the ongoing effects of the Covid-19 pandemic significantly impacted its operations. This marks a sharp decline from the MYR393.8 million profit in the same period the previous year.
Group revenue for the quarter dropped by 46.1% to MYR1.42 billion, down from MYR2.63 billion in Q3 2019. Despite resuming operations at several properties worldwide, Genting faced a range of restrictions, including reduced capacity at its facilities.
Revenue from its leisure and hospitality segment in Malaysia declined by 34.2% to MYR1.18 billion, driven by a decrease in general market and non-gaming business volume. However, revenue from mid to premium players remained stable year-on-year.
In the UK and Egypt, the leisure and hospitality sector experienced a 68.3% drop in revenue, amounting to MYR131.4 million. Some UK and Egypt casinos remained closed throughout the quarter, while others reopened at reduced capacity in mid-August. Revenue in the US and the Bahamas fell 80.4% to MYR69.9 million, mainly due to the closure of Resorts World Casino New York City, which only reopened in September with limited capacity.
Overall, Genting Malaysia reported a steep decline in earnings before interest, taxes, depreciation, and amortization (EBITDA), which was down 55.3% year-on-year to MYR310.7 million.
The year-to-date performance also took a hit, with revenue for the first nine months down 56.2% compared to 2019, totaling MYR3.49 billion.
