Feb 24, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck
Global casino operator Genting Malaysia Bhd reported on Thursday a net loss attributable to shareholders of nearly MYR394.0 million (US$88.8 million) for the fourth quarter of 2022. The result compared to a profit of MYR174.1 million a year earlier.
The company declared a special single-tier final dividend of MYR0.09 per share. Together with an interim dividend of MYR0.06 per share, it took the group’s total dividend for full-year 2022 to MRY0.15 apiece, “an increase of 67 percent from the previous year,” stated the firm.
Genting Malaysia operates Resorts World Genting, Malaysia’s only licensed casino property (pictured in a file photo). The group also runs casinos in the United States – via associated businesses – and in the Bahamas, the United Kingdom, and Egypt.
Genting Malaysia said its fourth-quarter revenue rose 28.9 percent year-on-year, to just above MYR2.43 billion. Judged quarter-on-quarter, its revenue was up 7.0 percent, said the casino firm. The group’s cost of sales in the three months to December 31 stood at MYR1.84 billion, up 28.4 percent from a year earlier.
The group generated fourth-quarter adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of MYR472.9 million, down 35.9 percent from the prior-year period. It was also down 22.4 percent judged quarter-on-quarter.
In Thursday’s filing, Genting Malaysia said its leisure and hospitality business in Malaysia“recorded a 65 percent increase in revenue”, to MYR1.59 billion, with the segment reporting a “30-percent growth” in adjusted EBITDA, to MYR467.3 million.
“These improvements were largely attributable to the overall higher volume of business registered at Resorts World Genting, as the resort’s improved operating performance was driven by the continued ramp up of its business following the lifting of Covid-19 related restrictions, and the reopening of national borders in Malaysia from 1 April 2022,” stated the firm.
It added, referring to a new outdoor theme park at its Genting Highlands operation: “The launch of Genting SkyWorlds Theme Park in February 2022 contributed to greater non-gaming revenue in the period. As a result of the ramp up of its operations, the group incurred higher operating and payroll related expenses in fourth-quarter 2022 as compared to the same period last year.”
In full-year 2022, Genting Malaysia’s aggregate revenue more than doubled from the previous year, to MYR8.60 billion, and its adjusted EBITDA improved by almost three times to MYR2.12 billion. The group’s loss attributable to shareholders narrowed by 45.1 percent year-on-year, to just below MYR520.0 million.
“These improvements were largely driven by the recovery of the group’s operations in Malaysia,” said the company.
Looking ahead, Genting Malaysia stated it continued to be “cautiously optimistic” on the near-term outlook of the leisure and hospitality industry. It said economic growth in Malaysia was“expected to continue albeit at a slower pace, supported by domestic demand”.
“The group will continue to focus on ramping up its operations at Resorts World Genting to pre-pandemic capacity whilst building on its service delivery and product offerings to enhance the quality of guest experience,” it added.
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