Resorts World Genting’s revenue grew 25% to RM1.75 billion (€343.9 million). Meanwhile, Genting Malaysia Bhd’s revenue grew 21% to RM2.76 billion (€542.3 million). The positive change reversed a loss of RM45.4 million (€8.91 million) in the first quarter of last year, with the company reporting a net profit of RM36.7 million (€7.2 million).
The Group’s total gaming revenue reached RM1.99 billion (EUR391 million). In addition, non-gaming revenue contributed RM715.5 million (EUR140.5 million) to the overall financial performance. Genting Malaysia, which operates Resorts World Genting, Malaysia’s only licensed casino, also has operations in the United Kingdom, Egypt, the United States and the Bahamas.
Genting Malaysia’s leisure and hospitality business revenue grew 23% in 2023.
Improved earnings from Malaysian operations
Adjusted EBITDA (adjusted earnings before interest, tax, depreciation and amortization) for the Genting Malaysia unit increased significantly by 34% year-on-year to RM583.6 million (€114.6 million). This improvement played a key role in the group's overall EBITDA growth of 10% to a total of RM654.1 million (€128.4 million). In addition, pre-tax profit more than doubled from last year to 115.9 million ringgit (22.7 million euros).
Future investment and expansion plans
Looking ahead, Genting Malaysia is committed to continued investment in Malaysia, with plans to launch new and revamped products and experiences, including new eco-tourism attractions.
In the United States, the group is closely following the New York Gaming Facilities Commission’s request for proposals for up to three new commercial casinos in New York State. Genting Malaysia remains committed to driving growth and improving profitability in its U.S. operations despite growing competition in the region.
Earlier this year, the company announced another major investment in its US subsidiary Empire Resorts, injecting US$100 million (€92.4 million), bringing Genting Malaysia’s total investment in Empire Resorts to a staggering US$724 million (€669.08 billion euros).
