GEN Malaysia 1Q lost US$117mln, negative EBITDA

Casino operator Genting Malaysia Bhd said its first-quarter loss by shareholders widened to $483.6 million ($116.7 million) from a $418 million loss a year earlier. No dividend was declared in the three months to March 31.

On Monday, outside the first-quarter reporting period, the group again “temporarily closed” its casinos at Resort World Genting (pictured) until further notice due to so-called movement control orders imposed by the government as a response to COVID-19.

The group’s first-quarter 2021 revenue fell 68.1% year-over-year to less than 623.4 million yuan from nearly 1.96 billion yuan in the first three months of 2020.

Most of the revenue, or MYR $618.9 million, came from the “leisure and hospitality” segment, including gaming.

The segment is comprised of three major market headings: Malaysia, where the group operates the resort world Genting Casino Resort, the United Kingdom and Egypt, where the company also operates a casino business, and the United States and the Bahamas, where Genting Malaysia has casino resort interests.

The Malaysian market generated 322.4 million MYRs, 40.2 million MYRs in the UK and Egypt and 25.63 million MYRs in the US and Bahamas for leisure and hospitality.

Gaming revenue for the group within the segment was 490.2 million MYR, while non-gaming revenue within the segment was 110.8 million MYR. The remainder within the segment came from real estate, investment and “other” activities.

During the first quarter, Genting Malaysia had a positive fourth-quarter EBITDA of 170.4 million yuan, with negative adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) of 110.4 million yuan. The Company reported an adjusted EBITDA of 355.4 million yuan in the first three months of 2020.

As of March 31, Genting Malaysia’s total borrowings were a mix of U.S. dollars, British pounds and Malaysian ringgit, at 10.17 billion yuan, up 8.3% from 9.39 billion yuan at the end of the fourth quarter.

“Malaysia’s leisure and hospitality business fell 76% to 299 million yuan and posted adjusted losses before interest, taxation, depreciation and amortization,” the company said in a press release to Bursa Malaysia along with its first-quarter earnings release on Tuesday

The company added: “This was primarily due to the suspension of the Group Resort operations from January 22 to mid-February 2021, following the implementation of the government’s second movement control order, and subsequently resuming properties with reduced capacity.”

However, the company said it “continues” on its “recovery trajectory” through its U.S. operations that run Resort World Casino New York City and Resort World Catskills in upstate New York.

BY: 토토사이트

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