Resort World Genting closure in Q3 hurts group's results , Las Vegas makes maiden contribution

KUALA LUMPUR: Genting Bhd reported wider losses in the third quarter due to the temporary closure of Resorts World Genting (RWG), as well as higher depreciation and net finance costs associated with the opening of Resort World Las Vegas (RWLV).

The group, however, "is encouraged by the positive reception" after to the resumption of business at RWG since Sept 30.

"In view of the increasing visitor turnout at RWG since its re-opening, the group will ramp up its operational capacity by leveraging existing assets," Genting said in a statement today.

For the three-month ended Sept 30, Genting reported a loss of RM344.5mil compared with a loss of RM130.7mil in the same quarter last year.

Revenue was up at RM3.5bil versus RM3.3bil made a year ago.

Its latest quarterly results showed that revenue contribution from its leisure and hospitality business in Malaysia tumbled 99% to just RM16mil from RM1.18bil, but its US and Bahamas operations generated RM1.09bil in revenue compared with RM70mil a year ago.

RWLV opened its doors to the public on June 24 and hence, 3Q21 results are the first full set of quarter results since its opening. It achieved revenue of almost US$175mil, or RM723mil.

Meanwhile, the group's activities in Singapore accounted for RM780mil in turnover, while the UK and Egypt contributed RM409mil.

Genting's palm oil business contributed about RM716mil in revenue during the quarter, followed by the power sector at RM336mil.

Oil and gas, property and other investments generated about RM150mil in revenue during the quarter.

Led by Tan Sri Lim Kok Thay, the Genting group is involved in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences and biotechnology activities.

Its operations spanned across the globe, including in Malaysia, Singapore, Indonesia, India, China, the United States of America, Bahamas, the United Kingdom and Egypt.

The Genting group comprises of Genting Bhd, Genting Malaysia Bhd, Genting Plantations Bhd and Genting Singapore Ltd, as well as its wholly owned unlisted subsidiaries Genting Energy Ltd and Resorts World Las Vegas LLC.

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