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Tag Archives: Genting Malaysia

Malaysia – Genting Malaysia Berhad lags in third quarter by 42 per cent

The reopening of Resorts World Genting (RWG) in Malaysia since September 30 2021 has been ‘well received’ although owner Genting Malaysia Berhad (Group) saw its third quarter revenues slide by 42 per cent to RM826.3m. Despite the impact of the Coronavirus Disease 2019 (COVID-19) disruptions on the Group’s operations, the Group recorded adjusted earnings before…

US – Genting to invest a further $150m into Empire Resorts

Empire Resorts, the operator of New York’s Resorts World Catskills and Monticello Raceway, is to get another cash injection of $150m from its parent company Genting Malaysia to aid its long-term financing plan. Genting Malaysia has invested various amounts since August 2019, when it bought a 49 per cent interest in Empire with the total now…

Malaysia – Maybank slashes Genting Malaysia profit guide

Losses at Genting Malaysia’s flagship IR Resorts World Genting (RWG) could plunge by 76 per cent to reach MYR676m (US$164m) with attendance likely to drop by 29 per cent through continued closure from the coronavirus pandemic. Maybank Research has revised its previous estimate of 12m visitors in 2021 to just 8.5m with the casino located…

US – Genting to open Resorts World Hudson Valley next year

Genting Malaysia, which owns Resorts World New York City and Resorts World Catskills in Sullivan County, has said it hopes to debut Resorts World Hudson Valley, its new casino in Newburgh, New York, by 2022. Meghan Taylor, Vice President of government affairs and public relations for Resorts World, said: “We look forward to breaking ground…

Malaysia – Maybank analyst slashes forecasts for Genting Malaysia recovery as COVID cases spike

A recent rise in COVID-19 cases in Malaysia has seen Maybank Research analyst Samuel Yin Shao Yang slash his own estimates which now pitch Genting Malaysia at operating at a loss of MYR384.8m (US$84.6m) in 2021. He has slashed 2022 profit guidance by 17 per cent to MYR1.03bn (US$249.9m) and 2023 estimate by four per…

Malaysia – Revenues plunge by 57 per cent at Genting Malaysia

Genting Malaysia saw its fourth quarter revenue fall by 57 per cent to RM1,041.1m although it achieved positive adjusted EBITDA in FY20 despite ‘unprecedented challenges, anchored by the Malaysian operations.’ EBITDA came in at RM170.4m for Q4 despite the leisure and hospitality business operating at a reduced capacity amid the prevalence of the Coronavirus Disease…

Malaysia – Genting warns of further impact on full year earnings

Increases in COVID-19 infections will hamper Genting Malaysia’s fourth quarter revenue in Malaysia, the UK and the US after a recovery of sorts and a narrowing of losses in the three months to September 30. Local demand at its flagship Resorts World Genting in Malaysia helped drive revenue of RM1,416.9m, representing 54 per cent of…

US – Genting Malaysia to invest US$150m on getting Resorts World Catskills fully operational again

Genting Malaysia will inject US$150m into its recently bought North American operator Empire Resorts which will be used to help restart operations at Resorts World Catskills (RWC) in New York, and to fulfil short-term debt obligations. Genting Malaysia, who owns a 49 share in Empire, said: “The equity Injection will be funded through internally generated…

US – Genting steps up interest in Empire resorts despite bankruptcy rumours

Genting Malaysia has said it hasn’t been put off from a potential takeover of Empire Resorts’ Resorts World Catskills, following reports it was on the brink of bankruptcy. News reports out of the States have suggested that Empire will file for bankruptcy if it can’t restructure lending agreements on over US$400m in debt. Genting Malaysia…