Latest news with #RWG
The Star
6 days ago
- Business
- The Star
Genting's 1Q25 revenue drops to RM6.5bil
The company said it will also include new ecotourism experiences at Genting Highlands. 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 with 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 of this year (1Q25) 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 pound. Within Malaysia, RWG contributed lower revenue in the quarter under review on the back of the timing of the festive season this year and lower business volumes in the premium-players segment. In Singapore, Resorts World Sentosa registered lower revenue due to a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovations and rebranding work. As for its plantation segment, revenue and earnings before interest, taxes, depreciation and amortisation were higher for the quarter mainly attributable to higher palm product prices and improved sales volume for 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 about 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. In the United States, 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 1Q25 at RM2.6bil compared to RM2.76bil in the same quarter last year. The group said revenue from Malaysia, the United Kingdom, Egypt, the United States and Bahamas's leisure and hospitality business saw a lower 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 1Q25 compared with net unrealised foreign exchange translation losses of RM130mil in 1Q24,' it said.
The Star
6 days ago
- Business
- The Star
Genting to introduce new facilities and attractions at Resorts World Genting
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.
New Straits Times
6 days ago
- Business
- New Straits Times
Genting's Q1 earnings plunge to RM4.5mil versus RM588.7mil a year ago
KUALA LUMPUR: Genting Bhd's net profit tumbled to RM4.57 million in the first quarter to March 31 2025 from RM588.87 million a year ago. Group revenue stood at RM6.51 billion, down 12 per cent from the previous year's corresponding quarter of RM7.43 billion. Genting attributed the lower revenue mainly to the leisure and hospitality division. The group's adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for Q1 2025 of RM1.99 billion was lower than the RM2.57 billion posted in Q1 2024. The strengthening of the ringgit against Singapore dollar, pound sterling and US dollar partly contributed to the lower group revenue and Ebitda. Genting said Resorts World Sentosa (RWS) recorded lower revenue and profit. "The results for Q1 2025 was affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory. "RWS' performance was also weaker in comparison with Q1 2024 where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024." Resorts World Genting (RWG) recorded lower revenue over 1Q24, due to the timing of the festive season and lower business volumes in the premium players segment in Q1 2025. Revenue from the group's leisure and hospitality businesses in the United Kingdom and Egypt was lower due to strengthening of the ringgit against pound sterling. However, a lower Ebitda was recorded primarily due to higher operating and payroll related expenses in Q1 2025. The leisure and hospitality businesses in the United States of America and Bahamas included the inancial results of Resorts World New York City (RWNYC), Resorts World Bimini (RW Bimini) and Resorts World Las Vegas (RWLV). Revenue recorded by RWNYC was lower due to stronger ringgit against the US dollar. RWLV's revenue and Ebitda were impacted by lower hold percentage and lower visitation compared with the record visitation benefited from NFL Super Bowl event in Q1 2024. Hotel occupancy and average daily rate in Q12025 were 82.3 per cent and US$274 respectively compared with 89.1 per cent and US$298 in Q1 2024. Genting said its performance for the remaining period of the 2025 financial year may be impacted by the global economic conditions and market volatility. "In Malaysia, economic growth is expected to expand at a slower pace as heightened geopolitical tensions continue to weigh on both domestic and global sentiments. "Despite ongoing global uncertainties, demand for international tourism is expected to remain resilient, although recovery is anticipated to be uneven across regions. Consequently, the regional gaming market may face increasing challenges," it added. In Malaysia, the group remains focused on enhancing RWG's appeal as a regional tourism hub by introducing new facilities and attractions, including new ecotourism experiences at Genting Highlands. "Celebrations to commemorate the Genting Group's 60th anniversary are underway, featuring a variety of special events, promotions and activities designed to engage visitors and enrich their experience at RWG," it added.
The Star
20-05-2025
- Entertainment
- The Star
Scaling heights at lion dance competition
FORTY teams from 15 countries will participate in the 15th Resorts World Genting (RWG) lion dance championship. First held back in 1994, this year's competition will take place from July 25 to 27 at RWG's Arena of Stars in Genting Highlands, Pahang. The participating countries are Australia, Brunei, Canada, China, Hong Kong, Indonesia, Japan, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand, the US and Vietnam. The top three teams will receive cash prizes totalling US$34,000 (about RM146,000), said RWG sales, marketing and public relations executive vice-president Spencer Lee. Lee: Top three teams will receive prizes totalling about RM146,000, and there will be seven Excellence Awards. 'There will also be seven Excellence Awards worth US$1,800 (RM7,700) each,' he said at a press conference in Kuala Lumpur. A new category, 'Best Difficulty Award', was also announced by Selangor and Federal Territory Dragon and Lion Dance Association chairman Leong Lik Tong. This new prize will be awarded to the team who executes the most daring stunts during their performance. 'We decided that the team showcasing the most impressive set of stunts deserves to be acknowledged too,' said Leong, adding that the first prize was US$2,000 (about RM8,600) and a trophy. Leong: New category recognises the most daring stunts. To close the competition with a bang, Miss Universe Malaysia 2024 Sandra Lim will present a martial arts routine. 'I will be performing on the day of the finals,' said Lim, who does her own stunts as an actress. For tickets, visit or RWG's mobile app. — By LEE JUNE LING
