Tag Archives: Genting Malaysia
Malaysia – Revenues at Resorts World Genting in Malaysia up 65 per cent but Genting still reports loss
Despite revenues being 29 per cent up in the three months to December 31 2022, Genting Malaysia Berhad announced a loss of US$106m due to a series of one-off expenses. Promisingly, group revenues came in at US$548m with its flagship casino Resorts World Genting in Malaysia up 65 per cent to US$359m. The operator said:…
Malaysia – Nomura believes investors will be ‘relieved’ Genting’s Macau dream didn’t happen
Analytical group Nomura believes investors in Genting Malaysia will ‘likely feel relieved’ that the operator was overlooked in the tender process for one of Macau’s six gaming licences. Nomura’s Tushar Mohata and Alpa Aggarwal said: “There were two concerns if Genting Malaysia had won the bid; the risk of a low ROIC investment in Macau…
China – Genting Malaysia launches speculative bid to replace one of Macau’s six casino licence owners
With a short statement, Genting Malaysia has confirmed it will be the seventh bidder to submit a bid in the licence retendering but is notably the first that doesn’t already operate in Macau. Genting stated: “The Macau Special Administrative Region has called for a tender for the concessions to operate casino games of fortune pursuant…
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…
