Genting Malaysia has reported a loss of MYR501.3 million (US$121 million) for the three months to 31 March 2021, widened from a loss of MYR453.9 million (US$110 million) during the same period last year on substantial revenue declines across all of its gaming jurisdictions.
Group-wide revenue fell by 68% year-on-year to MYR623.3 million (US$150 million), which included a 76% fall in revenue at flagship Malaysian property Resorts World Genting (RWG) to MYR299.0 million (US$72 million).
Revenue at its casino resorts in the United States and Bahamas fell 20% to MYR256.3 million (US$62 million) and in the UK and Egypt by 89% to MYR40.2 million (US$10 million).
Genting Malaysia also recorded a group-wide EBITDA loss of MYR110.4 million (US$27 million), compared with positive EBITDA of MYR355.4 million (US$86 million) in 1Q20.
With all properties impacted by the COVID-19 pandemic since early 2020 and RWG again suspending operations this week under Malaysia’s Movement Control Order 3.0, Genting Malaysia warned its short-term outlook remains highly uncertain – including the planned Q3 launch of Genting SkyWorlds outdoor theme park.
“The regional gaming market will continue to face significant challenges in the short-term,” it said.
“The Group maintains its cautious stance on the near-term prospects of the leisure and hospitality industry.
“In Malaysia, the imposition of a third Movement Control Order (MCO 3.0) nationwide will continue to adversely impact the Group’s business following the temporary closure of RWG’s casino operations from 24 May 2021. The Group will continue to assess its operating structure to align its cost base to the challenging operating and business environment.
“The health and safety of the RWG community remain central to the Group’s efforts. While the Group continues to work towards the completion of Genting SkyWorlds outdoor theme park in the third quarter of 2021, the opening date of the park is dependent on developments surrounding the COVID-19 situation and its impact to the leisure and hospitality sector in the country.”