Genting Berhad's Leisure and Hospitality Division Records Impressive Growth in Q3 2023
Date: 2023-11-26 Author: Dima Zakharov Categories: EVENTS
Resorts World Sentosa (RWS) in Singapore Thrives with 42% YoY Growth
In Singapore, Resorts World Sentosa experienced a significant 42% year-on-year growth, generating RM2.4bn in revenue. The sustained recovery of travel and tourism contributed to this impressive performance.
Resorts World Genting (RWG) in Malaysia Sees 20% Revenue Boost
Meanwhile, Resorts World Genting in Malaysia reported a 20% revenue increase, reaching RM1.7bn. This growth was primarily attributed to a higher volume of business in both gaming and non-gaming segments.
Strong Performances in the US & Bahamas Zone
The US & Bahamas zone witnessed a 16% revenue uptick to RM1.5bn, with Resorts World properties in New York City, Las Vegas, and Bimini delivering robust performances. Resorts World Las Vegas set a new record for revenue and EBITDA in Q3 2023, driven by the growth of its convention business and casino performance.
UK & Egypt Zone's 26% Revenue Growth
The UK & Egypt zone also experienced a 26% increase in revenue, totaling RM495.0m, thanks to higher business volume.
Impressive Overall Performance for Genting Berhad
Genting Berhad's total revenue, including its plantation, power, and property divisions, soared by 20% year-on-year to RM7.4bn. The leisure and tourism division posted a profit of RM2.4bn, marking a 43% increase.
Earnings Boost Across Regions
Profits within the leisure and tourism division exhibited strong growth, with Singapore's profit surging by 47% to RM1.2bn, Malaysia up 25% to RM714.0m, US & Bahamas rising 76% to RM370.4m, and UK & Egypt climbing 34% to RM99.1m.
Year-to-Date Success for Genting Berhad
For the nine months ending on September 30, 2023, Genting Berhad's leisure and hospitality division achieved a remarkable 33% increase in revenue, reaching RM16.2bn. Adjusted EBITDA for the same period rose by 46% to RM5.9bn.
Cautious Optimism for the Future
While Genting remains cautious about the near-term outlook due to global economic uncertainties, geopolitical tensions, and inflation, the company expresses optimism in the long-term. It anticipates sustained positive trends in international tourism and the continued recovery of the regional gaming market.
