Your Daily Asia Gaming eBrief: Genting Malaysia sees sharp loss in 4Q22

Monday 27th of February 2023

Good morning. Welcome to the week! Resorts World Genting helped push up Genting Malaysia's 4Q22 revenue, but not quite enough, as the company still suffered an $88 million loss, with EBITDA also falling. Good news from Australia, as The Star secured most of the $545 million financial lifeline it needs to fight ongoing legal battles and face possible tax regime changes. And Cambodia celebrates its removal from the FATF watchlist, even as the Philippines is unable to follow suit.

What you need to know

Genting Malaysia records 4Q22 loss and EBITDA drop even as Resorts World Genting drives revenue increase.
The Star secures large portion of $545 million financing lifeline needed to overcome legal action and expected tax regime increases.
Cambodia gets removed from international financial watchdog's greylist after improving AML/CFT regulations, but Philippines remains.

On the radar

Macau drops outdoor mask mandate, HK likely to follow suit.
Macau Jan hotel occupancy at 74 percent, Feb expectations higher.
Mohegan pledges additional $141.5 million in funding for Inspire IR.
Macau leader expresses confidence 2023 GGR will reach $16 billion.

AGB Intelligence

MALAYSIA

Genting Malaysia records $88 million loss in 4Q22

Strong revenue increases at Resorts World Genting were not enough to push Genting Malaysia out of an $88 million loss for 4Q22, with EBITDA during the period also falling by 36 percent, even as RWG propped it up with a $105 million contribution. Full-year results saw revenue triple, as visitation improved, with high expectations for 2023.