Global casino operator Genting Malaysia Bhd reported third-quarter net profit of 177.4 million yuan ($37.9 million), compared with a profit of 11.4 million yuan a year earlier. Its net profit rose 276.6% on a sequential basis, according to data submitted to Bursa Malaysia on Thursday.
Revenue for the three months to Sept. 30 was nearly 2.71 billion yuan, up 19.3% from a year ago. The figure was up 9.7% from the previous quarter.
Genting Malaysia operates Resorts World Genting, Malaysia’s only licensed casino property (seen in a file photo). The group also operates casinos in the United States, the Bahamas, the United Kingdom, and Egypt.
The group’s third-quarter adjusted earnings (EBITDA) before interest, taxation, depreciation and amortization came to 747.6 million yuan, up 22.6% year-over-year and up 66.9% sequentially.
Revenue from the leisure and hospitality segment, which includes casino operations, was 2.65 billion yuan in the third quarter, up 19.6% year-over-year. That was up 10.5% quarter-over-quarter.
Some non-gaming resort businesses and Malaysian businesses, including the Genting Highland casino, accounted for 1.68 billion yuan in leisure and accommodation revenue in the third quarter.
Quarterly adjusted EBITDA for its Malaysian unit was 563.9 million MYR, up 26.7% year-over-year, and up 5.9% sequentially.
Genting Malaysia said in a separate announcement that higher profits recorded in Malaysia’s leisure and hospitality businesses in the July-September period were “mainly attributed to the overall higher business size registered in Resort World Genting’s gaming and non-gaming segments.”
The casino company said “operational costs were higher” during the reporting period “due to the ongoing increase in operations” at Resort World Genting.
Genting Malaysia said it was “cautious” about the short-term outlook for the leisure and hospitality industry.
“While macroeconomic concerns may be a significant factor in the effective recovery of the travel and tourism sectors, the positive outlook for international tourism is expected to persist,” the company said.
“The regional gaming market is expected to continue to recover as airline capacity and aviation connectivity in the region improves.”
Genting Malaysia also said it was “working to strengthen the resilience of our business in an increasingly challenging operating environment” in Malaysia.
“The group will optimize its return management and database marketing efforts to increase business volumes,” and increased visitor numbers to Resorts World Genting. “The ongoing upgrade and development efforts … It’s progressing well, with new product offerings and attractions to the pipeline,” he added.
BY: 슬롯머신