• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 27 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Genting Group reveals US$351 million loss in 2Q20

Ben Blaschke by Ben Blaschke
Thu 27 Aug 2020 at 20:41
Genting Group reveals US$351 million loss in 2Q20
190
SHARES
4.6k
VIEWS
Print Friendly, PDF & Email

Genting Berhad, the parent company of both Genting Malaysia and Genting Singapore, fell to a MYR1.47 billion (US$351.2 million) loss in the three months to 30 June 2020 as COVID-19 wreaked havoc on its gaming and hospitality businesses.

With casinos across the globe closed and travel restrictions leaving its hotels largely empty, Genting’s results included an MYR841.4 million (US$201.7 million) loss from the leisure and hospitality business, where revenue declined by 96% to just MYR160.3 million (US$38.4 million) compared with MYR4.49 billion (US$1.08 billion) over the same period in 2019.

Of its core businesses, Genting Singapore – which operates Resorts World Sentosa – saw its revenue fall 96% to MYR78.0 million (US$18.7 million) while Genting Malaysia, which runs Resorts World Genting near Kuala Lumpur, declined by 95% to MYR80.8 million (US$19.4 million). Genting’s UK and Egypt properties reported a 92% decline in revenue to MYR33.2 million (US$8.0 million).

The group reported an EBITDA loss for the quarter of MYR578.7 million (US$138.7 million) compared with Adjusted EBITDA of MYR1.99 billion (US$476.9 million) in 2Q19.

The subdued results come as another blow to Genting Berhad’s controlling shareholder, Lim Kok Thay, following revelations that another of his companies in Genting Hong Kong – which last week said it was ceasing all loan repayments to focus solely on operational costs – is set to announce losses of more US$600 million for the first half of 2020.

While Genting doesn’t have any interest in the cruise ship operator, the two are linked via Lim who holds a 44.8% stake in Genting Berhad and 77.55% in Genting Hong Kong. There have been reports that Lim, in theory, could use Genting Berhad and its subsidiaries to bail out Genting HK, which met with creditors earlier this week to try and bash out some sort of deal on its growing debts.

Despite such distractions, the group continues to push forward with development of its US$4.3 billion Resorts World Las Vegas Project, due to open in 2021. Genting said total land and development costs accrued in Las Vegas as of 30 June 2020 were US$2.4 billion, leaving almost US$2 billion more to come over the next 12 months.

RelatedPosts

2021: Japan IR – Crunch time part 2

Nomura: Strong VIP volumes at Marina Bay Sands bodes well for Genting Singapore’s own hotel upgrade decision

Thu 24 Jul 2025 at 14:24
Singapore’s Changi Airport now Asia’s busiest airport as Hong Kong falls further behind

Singapore’s Changi Airport says passenger traffic from China up almost 16% in 2Q25

Wed 23 Jul 2025 at 05:55
Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Tue 22 Jul 2025 at 05:21
Veiled message for Thailand as Singapore’s Prime Minister hails visionary “risk” leaders took in approving casino development

Veiled message for Thailand as Singapore’s Prime Minister hails visionary “risk” leaders took in approving casino development

Thu 17 Jul 2025 at 06:06
Load More
Tags: gaming revenueGenting BerhadGenting MalaysiaGenting SingaporeGGRLim Kok ThayMalaysiaSingapore
Share78Share13
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Winds of change

Belle Corp’s share in City of Dreams Manila gaming revenue down 18% in 1H25

by Newsdesk
Sat 26 Jul 2025 at 08:39

Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 18% year-on-year to Php772.3 million (US$13.5 million) in the first half of 2025, reflecting the challenges currently being faced by Manila’s...

DigiPlus to enter South Africa’s online sports betting market

DigiPlus to enter South Africa’s online sports betting market

by Newsdesk
Sat 26 Jul 2025 at 08:37

Philippines gaming technology firm DigiPlus Interactive Corp has announced plans to further expand internationally by entering the South African online sports betting market. The company said in a Friday statement that it would file license applications with the Western Cape...

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語