Genting Malaysia Assures Shareholders: Casinos to Remain Open Amidst Industry Trends and Revenue Surge

President and COO Tan Kong Han assured shareholders during Genting Malaysia Berhad’s annual general meeting (AGM) that Genting’s casinos will continue to operate, citing important requirements.

Tan emphasized Genting Highlands’ ongoing growth as run by Genting Malaysia, the nation’s only casino operator, and voiced confidence in the support of the government.

Tan highlighted Resorts World Genting’s significant contribution to national tax revenues in addition to the company’s commitment to strict governance and responsible gaming.

Citing worldwide patterns, he pointed out that governments are becoming more interested in integrated resorts as a means of boosting the economy and generating revenue.

Concerns raised recently over the temporary closure of certain areas of Resorts World Genting (RWG) for renovations were allayed when it was revealed that the closures were not permanent, as was previously believed.

During this renovation, Genting Casinos 1 (Circus Palace) and 2 (Hollywood) will only be temporarily closed; SkyCasino will stay open.

The management of Genting Malaysia also commended the reciprocal visa exemption between China, India, and Malaysia for boosting trade.

The local leisure and hotel industries saw a 25% year-over-year growth in revenue in the first quarter of 2024, primarily from visitors from Singapore, Indonesia, China, and India.

With a net profit of RM36.7 million ($7.8 million) in 1Q24, the group’s finances saw a notable turnaround from a deficit in the same quarter the year before.

RM715.5 million ($152.1 million) in non-gaming revenue was included in the RM1.99 billion ($423.1 million) total gaming revenue.

Concerning illicit online gaming operations using the Genting name, the company reiterated its resolve to stop them by reporting them to law enforcement and taking legal action against offenders.

It promised to collaborate with law enforcement and create safeguards against unapproved use of its trademark.

Investors can anticipate that Genting’s operations will continue to be steady and expand in light of its commitments made in the face of industry changes and revenue growth.

Original Story by: Asian Gaming Brief