KUALA LUMPUR: Genting Malaysia Bhd
is cautiously optimistic over the near-term prospects of the leisure and hospitality industry, and remains positive in the longer-term.
In a statement, the hospitality and entertainment group said the outlook for international tourism is expected to remain broadly positive, driven by strengthening global demand, improved air connectivity, and the ongoing recovery in key markets.
"This momentum is expected to support the continued recovery of the regional gaming market," it added.
In the third quarter ended Sept 30, 2024, the group said net profit was RM569.16mil, surging higher from RM177.41mil in the year-ago quarter, which translates to an earnings per share of 10.04 sen against 3.13 sen previously.
The group's revenue rose to RM2.75bil in 3QFY24 from RM2.71bil previously.
Over the three cumulative quarters, Genting Malaysia's net profit came to RM709.18mil as compared to RM197.15mil in 9MFY23, while revenue rose to RM8.18bil from RM7.47bil in the year-ago period.
Year-to-date, the group's leisure and hospitality operations in Malaysia improved by 9% to RM5.04bil, mainly attributable to the higher volume of business registered at Resorts World Genting (RWG), aided by continued recovery in regional travel demand.
The group's UK and Egypt units reported a 17% increase in revenue to RM1.45bil, due to overall higher volume of business.
In the US and the Bahamas, it reported an 8% increase in revenue to RM1.52bil, primarily due to higher volume of business registered at Resorts World New York City (RWNYC).
"Additionally, Resorts World Bimini has continued to show operational improvements, supported by a higher volume of cruise calls," said Genting Malaysia.
The group said it continues to closely monitor developments surrounding the New York Gaming Facility Board's request for applications, which could lead to the introduction of up to three new commercial casinos in New York State.
In the Bahamas, the group will further strengthen its collaboration with international cruise operators to increase port calls at RW Bimini, whilst placing emphasis on improving operational efficiencies and effective cost management to boost profitability.
