Genting Malaysia Berhad posts encouraging third-quarter results

Asian casino operator Genting Malaysia Berhad has reportedly recorded a loss of $178.43 million for the three months to the end of September as it continues to slowly recover from the impacts of the coronavirus pandemic.

According to a report from Inside Asian Gaming, the Kuala Lumper-listed firm used an official Thursday filing to reveal that the three-month figure represented a decrease of over 284% year-on-year although it was 21.3% better than the $226.85 million shortfall recorded for the preceding quarter.

Unique expenditure:

Genting Malaysia Berhad is responsible for Singapore’s giant Resorts World Sentosa venue as well as the impressive Resorts World Genting development in Malaysia and reportedly detailed that its third-quarter financials contained a number of one-off redundancy, asset impairment and tax deferral costs linked to the coronavirus pandemic. The source explained that the firm moreover booked aggregated revenues for the three-month period of almost $348.15 million, which represented a decline of 46% year-on-year largely owing to significant drops in business from its many properties in the United States and United Kingdom.

Comparable crash:

Although Genting Malaysia reportedly saw third-quarter revenues from its Resorts World Genting enterprise fall by 34% year-on-year to $290.24 million, this was nevertheless significantly better than the $20.19 million the flagship venue managed to tally for the entirety of the second quarter. The most recent period furthermore purportedly involved the operator chalking up adjusted earnings before interest, tax, depreciation and amortization losses for its businesses in the United Kingdom and United States to take the company-wide figure down by 55% to approximately $74.33 million.

Sanguine signs:

Genting Malaysia Berhad reportedly used the filing to pronounce that its businesses in Malaysia resumed operations from the middle of June under ‘reduced capacity and stringent health and safety protocols in line with guidance from the authorities’. It furthermore stated that these entities subsequently saw their revenues for the most recent three-month phase recover to reach ‘66% of third-quarter 2019 levels’ while simultaneously struggling with ‘lower volume of business from the general market and non-gaming segments.’

Reportedly read the filing from Genting Malaysia Berhad…

“Nevertheless, the impact to the group’s earnings was mitigated by recovery in the mid to premium players segment, which achieved a relatively similar level of business against the third-quarter of 2019.”

Source: Worldcasinodirectory, Worldcasinonews

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