KUALA LUMPUR, May 30 — Genting Bhd’s net profit for the first quarter ended March 31, 2024 (1Q 2024) jumped to RM588.86 million from RM98.03 million in the same quarter a year ago.

Revenue improved by 28 per cent to RM7.43 billion from RM5.82 billion previously, contributed mainly by the leisure and hospitality division, Genting said in a filing with Bursa Malaysia today.

It said the group’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for 1Q 2024 was RM2.57 billion, a 40 per cent rise versus RM1.83 billion in 1Q 2023.

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Genting said Resorts World Sentosa recorded higher revenue and EBITDA in 1Q 2024, benefiting from the increased visitors and tourism spending during the Chinese New Year festive season, and China-Singapore visa exemption effective February 2024.

It said Resorts World Genting (RWG) posted higher revenue in the quarter under review mainly due to higher business volume from RWG’s gaming and non-gaming segments. Consequently, a higher EBITDA was recorded primarily due to the higher revenue which was partially offset by higher operating expenses.

Revenue from the leisure and hospitality businesses in the United Kingdom and Egypt in 1Q 2024 rose due to higher business volume.

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“Higher revenue was recorded by Resorts World New York City and Resorts World Bimini due to improved operating performance,” the filing said.

On prospects, Genting said the operating environment for the regional gaming market is expected to continue improving, supported by the optimistic outlook on international tourism amid ongoing restoration in global capacity and air connectivity.

“The group remains cautious of the near-term prospects of the leisure and hospitality industry but remains positive in the longer term.

“It will continue to leverage technologies to enhance its yielding capabilities, as well as improve its overall operational efficiencies and productivity,” the group said.

Genting said it also remains committed to optimising cost management measures to strengthen its resilience.

“To drive growth in key business segments, the group will continue to implement innovative marketing approaches to broaden customer outreach while capitalising on its value propositions,” it said. — Bernama