Genting Malaysia’s revenues in the second quarter of 2024 came in at RM2,669.5m, an increase of RM195m compared tolast year, with profit more than doubling to reach RM62.8m.
The increase of eight per cent in revenue for this quarter was mainly due to higher revenue from the leisure and hospitality business in Malaysia by RM81.9m, an increase of five per cent compared to 2Q 2023, mainly due to higher business volume from Resorts World Genting’s gaming and non-gaming segments.
There was also higher revenue from the leisure and hospitality businesses in the United Kingdom and Egypt by RM78.6m from RM390.2m to RM468.8m, an increase of 20 per cent, due to higher volume of
business; and higher revenue from the leisure and hospitality businesses in the United States of America and Bahamas by RM52.3m, an increase of 11 per cent, primarily due to the higher contributions from Resorts World New York City and Resorts World Bimini due to its improved operating performance.
Global economic growth is expected to be sustained, although downside risks from geopolitical developments and macroeconomic movements are likely to persist. In Malaysia, the expansion of the economy is expected to be supported by the continued recovery in external demand and domestic expenditure. However, impact on inflation is expected to be influenced by domestic policy measures.
The outlook for international tourism is expected to remain positive, underpinned by improving demand and enhanced air connectivity. Consequently, the regional gaming market is expected to maintain its recovery momentum.
Genting said: “The Group is cautiously optimistic of the near-term prospects of the leisure and hospitality industry and remains positive in the longer-term. In Malaysia, the Group remains focused on leveraging its integrated resort offerings to capitalise on the ongoing recovery in regional travel. The Group’s investment in new and refreshed products and lifestyle experiences is part of the Group’s ongoing strategy to strengthen its position as a premier tourism destination and drive further growth. Additionally, the Group is enhancing its digital platforms and expanding strategic partnerships to better meet evolving customer needs and preferences. The Group remains committed to maintaining cost discipline as it navigates challenges in the operating environment.
“In the UK, the Group will continue to focus on enhancing business resilience by reorganising operations for greater efficiency and productivity, whilst expanding its overall market share. The Group will also remain adaptable to any emerging growth opportunities, in addition to maintaining a focus on cost management and operational efficiencies to enhance the overall performance of the Group’s operations.”
“In the US, the Group will continue to place emphasis on enhancing its marketing initiatives to drive visitations and expand its customer database, while leveraging synergies between RWNYC and Empire’s assets to improve overall returns. The Group is also committed to strengthening its competitive position and will continue to closely monitor developments related to the New York Gaming Facility Board’s Request for Application for up to three commercial casinos in New York State. In the Bahamas, the Group will capitalise on its partnerships with international cruise operators to increase the number of port calls at RW Bimini. Additionally, the Group will focus on improving operational efficiencies and cost management to enhance overall profitability.”