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Genting Malaysia posts third quarter profit and gives update highlands theme park

Genting Malaysia posts third quarter profit and gives update highlands theme park
December 27, 2019

Resorts and gambling giant Genting Malaysia Bhd has reported its financial results for the third quarter of 2019, showing a net profit of RM305.68 million (US$74.2 million).

Turning around a net loss of RM275.8 million (US$66.9 million), in the third quarter of 2018, the Kuala Lumpur-based business attributed the change to lower net impairment losses in the quarter.

However, Q3 2019 revenue dropped to RM5.29 billion (US$1.2 billion), from RM5.38 billion (US$1.3 billion) in Q3 2018.

In a press release, Genting also said the ongoing development of its outdoor theme park at Resorts World Genting in Malaysia is progressing, advising “the ongoing development of the outdoor theme park is progressing well and the group remains focused on its timely completion.

“Meanwhile, the group will continue enhancing cost and operational efficiencies to manage the challenging operating environment by intensifying database marketing efforts, optimising yield management and improving overall service delivery at RWG.”

According to the release, Genting Malaysia’s non-gaming business grew by 36% “as the introduction of more attractions at Resorts World Genting continues to be well received”.

Earlier this year, it was reported that Genting Malaysia Bhd’s outdoor theme park at Resorts World Genting will incur more capital expenditure before it can be completed, with costs going above US$700 million.

The theme park, which will feature 20 rides including four rollercoasters, is expected to have a soft opening in the second half of next year.

Image show Resorts World Genting, courtesy of Genting Malaysia.

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24th January 2019 - Skytropolis Funland attraction opens at Malaysia’s Resorts World Genting

27th December 2018 - Genting Malaysian Highlands theme park to go ahead despite branding uncertainty

7th June 2018 - Genting looks to opening of Twentieth Century Fox World Theme Park

25th March 2017 - Malaysia sets out credentials as South East Asia’s theme park capital

4th April 2016 - Expansion of redevelopment of Resorts World Genting

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21st October 2015 - Weak ringgit delays opening of Twentieth Century Fox theme park in Malaysia

29th July 2015 - Malaysia named top global tourism destination for Muslims

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12th February 2014 - Genting to build US$2.2 billion integrated resort in South Korea

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