Genting Casino Birmingham
Genting UK, the British based arm of Genting, has disclosed its financial performance for the year 2024, revealing a shift from profitability to a pre-tax loss.
In 2024, Genting UK reported a pre-tax loss of £6.2 million, a stark contrast to the £8 million profit recorded in the previous year.
Revenue Growth Amid Losses
Despite the reported loss, Genting UK’s revenue increased from £283.8 million in 2023 to £323.1 million in 2024. This growth in revenue indicates that while the company is generating more income, it is simultaneously facing challenges that have impacted its overall profitability.
A pivotal event influencing Genting UK’s financial results was the closure of the Crockford Club, the oldest casino in Britain, which ceased operations in October 2023 after 195 years. This closure not only marked the end of an era but also had substantial financial implications for the company.
Impairment Charges
Following the closure, Genting UK incurred an impairment charge of £10.3 million. This charge arose from the reclassification of the property from an asset held for sale to an investment property, reflecting the company’s decision to rent the building rather than sell it outright.
Interestingly, the average spend per customer at Genting casinos increased slightly from £96 to £97 in 2024. Additionally, customer attendance rose by 10%, reaching nearly three million visitors. These metrics suggest that while some venues may be underperforming, others are successfully attracting and retaining customers.
On its future, Genting said: “The focus of the group over the coming year will be to manage the impact of inflationary pressures on costs and customer spend and ensure the group is in a position to act on the UK government’s gambling review.
“The longer-term focus will be on increasing market share in both the core and London premium/mass markets and improving business efficiency.
“The group will also focus on growing revenue and profitability of Resorts World Birmingham by expanding the leisure offering.”
