Genting Report 46% Decline In Revenues For Q3

Third quarter revenues for Genting Malaysia Berhad who operate casinos around the world reported total revenues of $349 million which represents a 46% decline compared to the same quarter in 2019.

The company that operates casinos and resorts in Malaysia, UK, the US, Egypt and the Bahamas said the company had a loss of some $175 million for the period, the results Genting said was down to the impact of COVID-19 that shuttered their operations around the World.

Some have now reopened such as Resorts World New York City and Resorts World Catskills in the US since the 9^th September and in Egypt on the 18^th October, however its UK operations have been opened only for 3 months in total since March and at present are closed again with some possibly reopening in December.

In its reporting the company said: “While business volumes continue to be impacted by the pandemic, the group is confident that its recalibrated operating structure will anchor recovery and position the group for greater long-term sustainable growth.”

It went on to say: “The group maintains its cautious stance on the near-term prospects of the leisure and hospitality industry. Given the dynamic operating environments both locally and abroad, uncertainties surrounding the full impact of the pandemic on the group’s operations and financial performance remain.”