Genting reports 46% Q3 revenue decline

By Peter Lynch

Genting Malaysia Berhad has reported revenue of RM1.42bn (US$349.1 million) for the third quarter of 2020, a 46% year-on-year decline.

EBITDA for the period stood at RM310.7m, with a net loss of RM726.3m.

The casino operator runs Malaysia’s only casino resort, Resorts World Genting, with its other major properties residing in the UK, the US, Egypt and the Bahamas.

Genting stated that the decline in revenue was a direct result of government restrictions throughout the world due to the COVID-19 pandemic.

Its Malaysian operations suffered due to the government’s implementation of a Conditional Movement Control Order in most states across the country, with its casino in Egypt resuming operations on 18 October after a lengthy closure.

Genting’s casinos in the UK meanwhile reopened on 15 August, but have since closed on 4 November in line with government guidelines.

In the US, Resorts World New York City and Resorts World Catskills resumed operations on 9 September, with operations at Resorts World Bimini in the Bahamas currently suspended amid government restrictions.

Its Malaysian revenue represented RM1.2bn of the total, with revenue for the UK and Egypt standing at RM131.4m.

And the US and the Bahamas reported revenue of RM69.9m.

A statement from Genting read: "While business volumes continue to be impacted by the pandemic, the group is confident that its recalibrated operating structure will anchor recovery and position the group for greater long-term sustainable growth."

Genting continued: "The group maintains its cautious stance on the near-term prospects of the leisure and hospitality industry. Given the dynamic operating environments both locally and abroad, uncertainties surrounding the full impact of the pandemic on the group’s operations and financial performance remain."

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