Genting Malaysia saw its revenue more than double to MYR2.18 billion (US$487 million) in the three months to 30 June 2022, including a five-fold increase in revenue from its Malaysian IR, Resorts World Genting to MYR1.31 billion (US$293 million).
The 2Q22 results were also vastly improved on the March quarter, when Genting Malaysia reported group-wide revenue of MYR1.72 billion (US$385 million) including MYR920.0 million (US$206 million) at RWG.
According to the company’s financial results for the period, released overnight, Adjusted EBITDA soared to MYR619.5 million (US$139 million) compared to MYR45.6 million (US$10 million) in 2Q21 and MYR414.4 million (US$93 million) in Q1.
Net loss narrowed by 88% to MYR42.3 million (US$9.5 million).
At RWG, Adjusted EBITDA of MYR459.1 million (US$103 million) reversed an EBITDA loss of MYR94.2 million (US$21 million) in the same period last year, predominantly due to overall higher volume of business registered following the further lifting of COVID-19 restrictions and the reopening of Malaysia’s borders since 1 April 2022.
The opening of theme park Genting SkyWorlds in February 2022 also contributed to higher non-gaming revenue the company said.
At Genting Malaysia’s UK and Egypt properties, revenue also more than doubled year-on-year to MYR381.2 million (US$85 million), with Adjusted EBITDA up from MYR14.3 million (US$3.2 million) a year ago to MYR81.3 million (US$18.2 million).
And in the US, revenues rose 18% to MYR417.2 million (US$93 million) while Adjusted EBITDA grew by 12% to MYR122.9 million (US$27 million).
Genting Malaysia said it remains “cautiously optimistic on the near-term outlook of the leisure and hospitality industry” and announced plans to commission up to three additional rides at Genting SkyWorlds within 4Q22 as part of its efforts to attract higher foreign and domestic visitation to RWG.
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