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Malaysia – Casinos in Malaysia and Singapore drive increase for Genting as Las Vegas slows

By - 25 August 2023

Genting Berhad’s Malaysian and Singaporean casino helped the group to a 17 per cent revenue increase to help bridge a 5.5 per cent decrease quarter-to-quarter at Resorts World Las Vegas where revenue coming in at US$206m due to lower convention business.

In 2Q23, revenue across the group came in at RM6,659.2m, an increase of 17 per cent compared with the previous year’s corresponding quarter’s revenue of RM5,686.4m. The increase in revenue was contributed mainly by the Leisure & Hospitality Division. However, the group’s adjusted earnings before interest, tax, depreciation and amortisation for 2Q23 of RM1,994.8m declined by two per cent compared with RM2,033.5m in 2Q22.

The operator stated: “Increase in revenue and EBITDA of Resorts World Sentosa (RWS) is mainly attributable to rebound in non-gaming business and recovery in regional gaming business in 2Q23. Resorts World Genting (RWG) recorded higher revenue in 2Q23 over 2Q22 mainly due to higher volume of business registered by RWG’s gaming and non-gaming segments. Consequently, a higher EBITDA was recorded primarily due to the higher revenue which was partially offset by higher operating expenses in 2Q23.”

The revenue from the leisure and hospitality businesses in the United Kingdom and Egypt in 2Q23 was higher mainly due to strengthening of GBP. However, a lower EBITDA was recorded mainly due to higher payroll related costs.

The leisure and hospitality businesses in the United States of America (US) and Bahamas included the financial results of Resorts World New York City, Resorts World Bimini and Resorts World Las Vegas. Higher revenue and EBITDA were recorded by RWNYC.

The company added: “RW Bimini’s operating performance also improved with higher revenue as a result of relaxation on travel restrictions since 19 June 2022 leading to higher number of cruise calls that contributed positively to its revenue. However, EBITDA was partially impacted by higher operating and payroll related expenses. RWLV continues to ramp up and stabilise through focus on operations and profitability in 2Q23. Hotel occupancy and Average Daily Rate (ADR) in 2Q23 were 90.2 per cent and USD243 respectively compared with 89.9 per cent and US$239 in 2Q22.”

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