GENTING Malaysia Bhd reported a 25.7% rise in net profit to RM72.58 million for the first quarter ended March 31, 2025 (1Q25), driven by foreign exchange gains and better cost management.
This marked a recovery after a loss in the previous quarter.
However, revenue slipped 6.1% year-on-year to RM2.6 billion, weighed down by weaker leisure and hospitality contributions from Malaysia, the UK, and currency translation effects.
The leisure and hospitality segment made up nearly 98% of group revenue, with Malaysian operations declining 7% due to seasonal timing and lower premium player volumes.
Revenue from the UK and Egypt fell 7%, while US and Bahamas operations saw a 3% drop.
The group remains cautiously optimistic, citing potential challenges in the regional gaming market but positive prospects in hospitality.
It plans to boost Resorts World Genting’s appeal with new ecotourism initiatives and anniversary events.
A notable development is the RM177 million acquisition of the remaining 51% stake in Genting Empire Resorts LLC, positioning the group for growth in New York’s gaming market, pending regulatory approval.
Genting is actively monitoring the New York Gaming Facility Board’s application process as part of its expansion strategy. — TMR
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