International casino operator Genting Malaysia Bhd reported first-quarter gross revenue of 1.72 billion yuan ($391.3 million), up 176.2% year over year.

The group also registered adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of $414.4 million, compared with negative MYR of $110.4 million in the first quarter of 2021, it filed Thursday with Bursa Malaysia.

Genting Malaysia's pre-tax loss fell 79.3% year-on-year to MYR 116.1 million, after taking into account depreciation, amortisation, financial costs and the group's share of results in U.S. affiliate Empire Resorts Inc.

Genting Malaysia's group-wide net loss fell 70.5% to 147.9 million yuan.

Revenue from leisure and hospitality operations more than tripled year-on-year to 920 million yuan in its Malaysian business, which centers on Resort World Genting's exclusive casino business.

The Malaysian unit's quarterly adjusted EBITDA was 262.9 million MYR, with an EBITDA loss of 836 million MYR year-over-year.

"The improvement was primarily due to the easing of domestic travel restrictions, which increased the overall size of Resorts World Gaining's business," the company said.

In the first three months of the year, the group's adjusted EBITDA in Malaysian operations was also helped by "increased debt collection," the company said.

The company said tourism was "expected to continue its gradual recovery" and that "gradual border reopening and continued easing" of COVID-19-related restrictions would "improve optimism around the tourism, leisure and hospitality industries, including the local gaming sector."

In the UK and Egypt, group operating revenues recovered to 395.3 million yuan in the first quarter of this year, nearly 10 times that of the first quarter of 2021.

In the U.S. and Bahamas, the group's leisure and hospitality business revenue rose 39.6% year-over-year to MYR 357.9 million. Genting Malaysia also reported adjusted EBITDA in those markets rose 13.7% year-over-year to MYR 78 million.

"This improvement was primarily driven by strong operational performance registered in Resorts World New York City, as facilities in New York State continued to operate without mandatory COVID-19 restrictions," the company said.

Empire Resorts, a U.S.-based quasi-company, posted a "similar improvement in operating performance" in the first quarter of 2022, with Resorts World Catskills' total gaming revenue "exceeding pre-pandemic levels," Genting Malaysia said.

BY: 파친코