Outstanding performance in the leisure hotel business in the first quarter, with a major rebound in performance for Resort World Genting and Resort World Genting Malaysia.

Excellent performance in the leisure and hotel business, with Resort World Genting and Resort World Genting Malaysia both recording impressive performance in the first quarter of the 2024 fiscal year.

As of the first quarter ending in March, Resorts World Genting's net profit skyrocketed by 500% year-on-year, reaching 0.5 billion 88.86 million 6000 Malaysian ringgit.

Resorts World Genting reported to Bursa Malaysia that its revenue for the quarter reached 7.4 billion 31.33 million 7000 Malaysian ringgit, an increase of 27.63% year-on-year.

In terms of leisure and hotel business, due to the increase in travel and leisure consumption during the Lunar New Year, as well as the implementation of the visa-free policy between China and Singapore in February, Resorts World Sentosa (RWS) has achieved strong revenue.

However, the performance of the electrical utilities business has been slightly disappointing, mainly due to the first major scheduled maintenance of the Banten power plant in Indonesia since its operation in 2017, which led to a decrease in power generation.

On the other hand, Genting Malaysia has shown comprehensive growth in its business in Malaysia, the United Kingdom, Egypt, the United States, and the Bahamas, with a successful turnaround in the first quarter, recording a net profit of MYR 57.78 million, a significant improvement compared to the net loss of MYR 27.37 million in the same period last year.

Genting Malaysia's first-quarter revenue also increased by 21.3% year-on-year, reaching MYR 2.7691 billion.

In terms of business in Malaysia, the revenue from leisure and hotel business increased by 25%, mainly driven by the increased income from Resorts World Genting's casino and non-gambling businesses.

As for the business in the United States and the Bahamas, it has also achieved significant growth, attributed to the continued improvement in the operations of Resorts World New York City (RWNYC) and Resorts World Bimini (RW Bimini) resort.

Looking ahead, Genting believes that the global economy will remain resilient, with moderate economic growth expected. However, geopolitical and macroeconomic risks still pose downside risks.

In this region, the operating environment of the gambling market is expected to continue improving, driven mainly by the optimistic prospects of international tourism and the recovery of global capacity and air connectivity.

On the domestic front, Genting Malaysia will continue to benefit from current tourism-related measures, such as the visa-free policy for Chinese and Indian citizens, which have a positive impact on the local tourism industry.

While taking a positive view of the long-term prospects of the leisure and hotel industry, Genting Malaysia remains cautious in the short term.

Additionally, Genting Malaysia is closely monitoring the progress of the proposal solicitation by the New York State Gaming Commission and will respond accordingly.