Resorts World Genting Announces Surprise Closure of Two Casinos
LISTEN TO THIS ARTICLE:Resorts World Genting, one of Malaysia's most renowned international tourist destinations, has made a significant decision that will reshape its gaming landscape. Genting Bhd, the company behind the integrated resort, has announced the closure of two of its gaming zones, Circus Palace and Hollywood, effective immediately.
The End of an Era
This move leaves only the SkyCasino operational, marking a notable shift in the leisure and gaming offerings at the Genting Highlands. Resorts World Genting is the only property in Malaysia to offer legal casino gambling.
Related: Genting Malaysia Invests $100M into United States SubsidiaryFor years, the Circus Palace and Hollywood gaming zones have been integral parts of the Genting Highlands experience, offering not just games of chance but also a unique atmosphere where visitors could immerse themselves in a world of entertainment. However, recent trends have shown a decline in patronage, leading to the decision to close both gaming zones.
The closure of these iconic gaming zones comes amidst ongoing challenges posed by the COVID-19 pandemic. Genting didn't provide a lot of details about the closures, nor did it specify if it will reopen the venues in the near future.
Closure Comes Amid Revenue Increase
Genting Malaysia, the parent company of Resorts World Genting, reported a net profit of MYR158.3 million (US$33.8 million) for the three months ending on September 30, 2023, marking a significant improvement from the previous year's loss of MYR8.2 million (US$1.75 million). This positive financial performance was driven by improved revenues across all of its gaming operations in Malaysia, the UK, Egypt, the US and the Bahamas.
In the third quarter of 2023, the company's revenue increased by 19% to MYR2.71 billion (US$579 million) compared to the same period in the previous year. Resorts World Genting saw a 20% improvement in revenue to MYR1.68 billion (US$359 million).
The company's Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) also saw a significant increase, rising by 27% year-on-year to MYR747.6 million (US$160 million) for the group as a whole. In Malaysia, Adjusted EBITDA increased by 27% to MYR563.9 million (US$120 million).
For the first nine months of 2023, Genting Malaysia recorded a 21% increase in revenue to MYR7.47 billion (US$1.60 billion) and a 9% increase in Adjusted EBITDA to MYR1.79 billion (US$382 million). Resorts World Genting saw a 27% increase in revenue to MYR4.62 billion (US$987 million) and a 31% increase in Adjusted EBITDA to MYR1.53 billion (US$327 million) during this period.
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