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

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.