Genting Malaysia’s 3Q Revenue Boosted By Overseas Operations.

Genting Malaysia’s 3Q Revenue Boosted By Overseas Operations.

Genting Malaysia on Thursday said that operations in the United States and the United Kingdom boosted their Bhd in the third quarter. Within the 4 months, revenue from the leisure and hospitality industry, including gaming, amounted to MYR 406 million/USD 95.9 million from the operations within the UK and Egypt and MYR 364.2 million/USD 85.9 million from operations within the United States.

In comparison, revenue from operations within Malaysia was only MYR17.7 million/USD 4.2 million. Nonetheless, the business operations outside Malaysia were the main contributors to Genting Malaysia, reducing its losses to MYR 289.25 million from MYR 704.64 million. Genting Malaysia operates a few non-gaming resorts within the country.

Throughout the third quarter, Resorts World Genting Malaysia’s chief source of earnings was affected due to the COVID-19 measures implemented by the government. The casino complex located outside Malaysia’s capital, Kuala Lumpur, was forced to close operations between 1st June and 30th September.

In a press release, Genting Malaysia said that “lowering operating expenses through payroll and related cost-saving methods mitigated the impact to the group’s earnings caused by the pandemic.”

Despite the measures adopted by the company, its third-quarter revenue overall fell by 41.7 percent year on year to MYR 826.27 million. The company’s adjusted Earnings Before Interest, Taxation, Depreciation, and Amortization (EBITDA) declined 82.7 percent to MYR53.7 million. No dividend was proposed or declared by the company for the third quarter.

However, the group’s confidence was boosted by the consumers’ positive reception and high demand since the resumption of operations at Resort World Genting on 30th September.

Genting Malaysia also said that there are currently ongoing plans to open the long-awaited SkyWorld outdoor theme park at Resorts World Genting. They aimed at completing it by the end of 2021.