• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Genting Malaysia 1Q profit down 25pct

May 24, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Genting Malaysia 1Q profit down 25pct

First-quarter profit at casino operator Genting Malaysia Bhd fell 25.1 percent on higher revenue but also some expenses that nearly doubled year-on-year.

Such first-quarter profit was just under MYR268.29 million (US$64.0 million) compared to MYR358.24 million in the first quarter last year.

Revenue for the first three months this year was just under MYR2.74 billion, compared to nearly MYR2.40 billion in the same period a year earlier.

But “other expenses” rose 83 percent to MYR511.38 million, compared to MYR279.47 million in first quarter 2018.

The firm said in a press release the results had been “impacted by a provision for contract termination related costs of MYR198.3 million in relation to the outdoor theme park at Resorts World Genting.”

Maybank Investment Bank Bhd said in a Friday note that Genting Malaysia had “upside potential” should the currently-stalled outdoor theme park at Resorts World Genting open, and the “Mashpee Wampanoag investment be written back”. The former was a reference to the unresolved issue of what was to have been a Fox-branded amusement park at Resorts World Genting. The latter was a reference to a stalled tribal gaming project in the United States in which Genting Malaysia had invested some promissory notes.

Basic and diluted earnings per share for the period to March 31 were MYR0.0475 and MYR0.0474 respectively, compared to MYR0.0633 in both cases a year earlier.

No dividend was proposed or declared for the reporting quarter.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for its three operational gaming sectors: Malaysia via the Resorts World Genting casino complex; the United Kingdom and Egypt; and the U.S. and the Bahamas; were respectively, MYR555.6 million; MYR41.0 million; and MYR66.0 million in the first three months. Aggregated group adjusted EBITDA was MYR662.6 million.

Genting Malaysia breaks down its results into two segments: leisure and hospitality; and property development. The first includes gaming , hotel operations, food and beverage, retailing, and theme parks and attractions.

Revenue from leisure and hospitality in the first quarter was MYR1.91 billion for Malaysia; MYR419.3 million for the U.K. and Egypt; and MYR367.0 million for the U.S. and Bahamas. The aggregate of such revenue was just under MYR2.70 billion.

Japanese brokerage Nomura wrote in a Friday note – alluding to cost cutting at Genting Malaysia – that guidance from management was that: “Malaysia VIP volumes have declined in double digits year-on-year due to lower incentives offered, and mass revenues declined 6 percent year-on-year (which implies investor fears of ‘programme’ players going elsewhere like Cambodia/Singapore due to lower promotional spending is coming true).”


  • tweet
Related articles
  • Genting Malaysia revenue at US$494mln in 1Q, narrows loss
    Genting Malaysia revenue at US$494mln...

    May 25, 2023  

  • GEN Malaysia US$112mln notes cover home market investing
    GEN Malaysia US$112mln notes cover home...

    May 08, 2023  

More news
  • Londoner Macao pulls in foreigners and Chinese: LVS CEO
    Londoner Macao pulls in foreigners and...

    May 25, 2023  

  • Cambodian unionist jailed over strike tied to NagaWorld
    Cambodian unionist jailed over strike...

    May 25, 2023  


Latest News

Genting Malaysia revenue at US$494mln in 1Q, narrows loss

Genting Malaysia revenue at US$494mln in 1Q, narrows loss

May 25, 2023  

International casino operator Genting Malaysia Bhd recorded total first-quarter revenue of just above MYR2.28 billion (US$493.7 million), up 32.7 percent from the prior-year period. Judged...
Read More
Londoner Macao pulls in foreigners and Chinese: LVS CEO

Londoner Macao pulls in foreigners and Chinese: LVS CEO

May 25, 2023  

Cambodian unionist jailed over strike tied to NagaWorld

Cambodian unionist jailed over strike tied to NagaWorld

May 25, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”While Macau gaming stocks stopped paying dividends during Covid, we expect they will start paying after deleveraging”

Morgan Stanley banking group



Most Popular

  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Genting Malaysia revenue at US$494mln in 1Q, narrows lossGenting Malaysia revenue at US$494mln in 1Q, narrows loss May 25, 2023
  • Macau 1Q GDP up 39pct as gaming exports doubleMacau 1Q GDP up 39pct as gaming exports double May 25, 2023
  • Macau gaming, hospitality hire 1.8K workers in Feb to AprMacau gaming, hospitality hire 1.8K workers in Feb to Apr May 25, 2023
  • Cambodian unionist jailed over strike tied to NagaWorldCambodian unionist jailed over strike tied to NagaWorld May 25, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us