PETALING JAYA: Genting Bhd
will introduce new facilities and attractions in an attempt to enhance Resorts World Genting’s (RWG) stature as a regional tourism hub.
In a filing to Bursa Malaysia, the company that mainly operates in the resorts industry said it will also include new ecotourism experiences at Genting Highlands.
“We will continue to place emphasis on driving key business segments by improving yield management systems, operational efficiencies and service delivery, while adopting prudent cost management and an agile approach to navigate the increasingly challenging operating environment,” it said.
For the first quarter ended March 31, 2025 (1Q2025) Genting’s revenue dropped to RM6.5bil from RM7.4bil in the previous corresponding period, while net profit fell to RM4.5mil from RM588.87mil a year earlier.
The decrease was due to its leisure and hospitality segment, as well as the strengthening of the ringgit against the Singapore dollar, US dollar and British pounds.
Within Malaysia, its RWG contributed lower revenue in the quarter under review on the back of timing of the festive season and lower business volumes in the premium players segment.
In Singapore, Resorts World Sentosa registered a lower revenue due to a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovations and rebranding works.
As for its plantation segment, revenue and earnings before interest, taxes, depreciation, and amortisation were higher for this quarter mainly attributable to higher palm product prices and improved sales volume at the downstream manufacturing segment.
“Palm oil prices have since eased, driven by the seasonal recovery in production and the expected buildup in palm oil stocks,” the group noted.
Moving forward, the group said it will continue to be cautiously optimistic of the near-term prospects of the leisure and hospitality industry and remains positive in the longer-term.
As for its UK market, the recent acquisition of Aspers Stratford in London is expected to strengthen its foothold in the city’s casino market.
For the US, it will solidify its position as a market leader in the increasingly competitive New York State gaming sector.
Additionally, in the Bahamas, it will drive visitation at RW Bimini by expanding its cruise strategy, which includes increasing port calls from international operators and intensifying marketing and promotional efforts.
Meanwhile, the group’s subsidiary Genting Malaysia Bhd (GENM) similarly saw a decrease in its revenue for 1Q2025 at RM2.6bil compared to RM2.76bil in the same quarter last year.
The group said revenue from Malaysia, UK, Egypt, US and Bahamas’s leisure and hospitality business saw a lesser topline for the quarter under review.
In Malaysia, a 7% decline in revenue was recorded, reflecting an industry trend that is observed in similar markets in the immediate region, particularly in the premium players segment.
Its net profit however was higher at RM72.58mil compared to RM57.78mil recorded in the same quarter last year.
“The US dollar denominated borrowings gave rise to a net unrealised foreign exchange translation gain of RM50.4mil in 1Q2025 compared with net unrealised foreign exchange translation losses of RM130mil in 1Q2024,” it said.
Moving forward, GENM said recovery is anticipated to be uneven across regions, causing the regional gaming market to face some challenges.
