Genting Malaysia announced its 2024 first quarter financial results, which totalled MYR7.43bn (US$1.58bn), a 28% increase when compared to last year’s MYR5.82bn. Its adjusted EBITDA has been valued at MYR2.57bn, an increase of 40% year-on-year. Its group net profit of MYR999m this year is a 238.6% increase from last year 2023’s MYR295m - a substantial growth compared to other metrics.
The Leisure & Hospitality Division has been identified as the main factor in its revenue increase, with Resorts World Sentosa (RWS) and Resorts World Genting (RWG) both recording higher revenue and EBITDA in Q1 2024. Genting also pointed to leisure and hospitality growth in the UK and Egypt as contributing factors.
Genting Singapore, a subsidiary of the Genting Group, has reported an increase in its revenue this year, in which RWS contributed a significant portion of its revenue. Earlier this month, RWS also signed a Memorandum of Understanding with Sentosa Development Corporation, DBS Bank and Singapore Tourism Board to establish a collaborative Sentosa Precinct Partnership. Genting Singapore’s future plans have also included expansions to the UAE and Thailand as well.
The group expects that the operating environment for the regional gaming market and tourism sector will continuously experience positive improvement, especially with visa-free entry for citizens of China and India.
As stated in the quarterly report, the 'group remains cautious of the near-term prospects of the leisure and hospitality industry but remains positive in the longer-term.'
