{"id":113824,"date":"2019-09-02T12:30:35","date_gmt":"2019-09-02T19:30:35","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=113824"},"modified":"2019-09-02T13:48:22","modified_gmt":"2019-09-02T20:48:22","slug":"genting-berhad-posts-increased-earnings-due-to-casino-operations","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/","title":{"rendered":"Genting Berhad Posts Increased Earnings Due To Casino Resort Operations"},"content":{"rendered":"

Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter largely because of its leisure resort business.<\/p>\n

\"Genting
Resorts World Genting helped lead its parent organization to profitability in the second quarter of 2019. (Image: Resorts World Genting)<\/figcaption><\/figure>\n

The company said revenue for the three-month period that ended June 30 was up seven percent to MYR2.6 billion ($620 million), with net revenue coming in at $95.5 million.<\/p>\n

\n

The company \u2013 which, in addition to its leisure casino resort business, operates in the agriculture, real estate development, energy, life sciences and biotechnology sectors \u2013 credited its hospitality unit for leading the strong quarter. Resorts World reported better-than-expected revenue from the mid and premium-player segments.<\/p>\n<\/div>\n

Genting owns Resorts World properties in Malaysia, Singapore, New York, and the Bahamas, and is currently building a multibillion-dollar casino on the Las Vegas Strip. Genting additionally owns the Crockfords casinos in the UK.<\/p>\n

Empire Acquisition<\/b><\/h2>\n

Genting Berhad saw its credit rating downgraded last week by Fitch Ratings<\/a> on news that the company’s founder and billionaire CEO KT Lim was fully acquiring Empire Resorts \u2013 the US unit the owns the fiscally troubled Resorts World Catskills in upstate New York.<\/p>\n

\n

The outlook revision reflects Fitch’s view of Genting’s reduced rating headroom, as we believe the company is pursuing a more aggressive investment strategy,” Fitch said in its note. “Higher than expected leverage and weaker earnings performance will imply a shift from an intensive focus on capital discipline, and indicate a weaker credit profile.”<\/p>\n<\/blockquote>\n

Lim is stepping in to rescue the $1.2 billion integrated casino resort that was supposed to grow tourism to the upstate part of New York. The property has lost more than $200 million since opening in February of 2018.<\/p>\n

Lim says the casino can’t pay off its debt without a lender such as himself taking control and offering interest-free credit. Once the deal is complete, Lim’s family trust Kien Huat Realty will own a 51 percent position in the resort, with the remaining 49 percent controlled by Genting Berhad.<\/p>\n

Genting Future<\/b><\/h2>\n

Despite economic uncertainty around the globe \u2013 primarily driven by ongoing trade tensions between the US and China \u2013 Genting Berhad is all-in<\/a> on the gaming industry.<\/p>\n

\n

The company is expected to make a major play for one of the three casino licenses in Japan, is approaching the conclusion of its $4 billion Resorts World Las Vegas complex, and continues to invest in Miami \u2013 an area where it wants to build Florida’s first commercial casino destination.<\/p>\n<\/div>\n

Genting is also moving forward with its outdoor theme park at its namesake casino resort in Malaysia after settling its $1 billion lawsuit with 21st Century Fox. In 2013, the media giant entered into an agreement with Resorts World Genting to construct its first theme park, to be called Fox World.<\/p>\n

However, the 21st Century Fox $71 billion acquisition by Disney halted those plans, with the new owner eventually terminating the deal in an effort to maintain its distance from casino gambling and uphold its family-oriented business model.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter largely because of its leisure resort business. The company said revenue for the three-month period that ended June 30 was up seven percent to MYR2.6 billion ($620 million), with net revenue coming in at $95.5 […]<\/p>\n","protected":false},"author":25,"featured_media":113838,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nGenting Berhad Posts Increased Earnings Due to Casino Operations<\/title>\n<meta name=\"description\" content=\"Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting Berhad Posts Increased Earnings Due to Casino Operations\" \/>\n<meta property=\"og:description\" content=\"Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-02T19:30:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-02T20:48:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/\",\"url\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/\",\"name\":\"Genting Berhad Posts Increased Earnings Due to Casino Operations\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg\",\"datePublished\":\"2019-09-02T19:30:35+00:00\",\"dateModified\":\"2019-09-02T20:48:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg\",\"width\":1200,\"height\":800,\"caption\":\"The Resorts World Genting helped lead its parent organization to profitability in the second quarter of 2019. (Image: Resorts World Genting)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Genting Berhad Posts Increased Earnings Due To Casino Resort Operations\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\",\"name\":\"Devin O'Connor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png\",\"caption\":\"Devin O'Connor\"},\"description\":\"Devin O'Connor is a senior reporter for Casino.org, covering politics, casino business, entertainment and gaming news on the East Coast. Devin's passion for politics and background in the world of pop culture television gives him insight into the gaming industry backstories that often drive news these days. After graduating from Penn State University with a theater arts degree, he worked at MTV Networks\/Viacom from 2005 to 2010 as a writer and producer. His credits included Total Request Live, New Year's Eve specials, and a special featuring poker superstar Daniel Negreanu. He later moved on to the HGTV\/DIY Network, where he created, wrote, and produced three series specials: That's So House Hunters, That's So 80s, and That's So 90s. Devin came on board with Casino.org in 2014. He lives in Pennsylvania and is an avid marathoner, having completed 15 races. Contact Devin at devin.oconnor@casino.org.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/devinoconnor\/\",\"https:\/\/x.com\/CasinoorgDevinO\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/devin-oconnor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Genting Berhad Posts Increased Earnings Due to Casino Operations","description":"Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/","og_locale":"en_US","og_type":"article","og_title":"Genting Berhad Posts Increased Earnings Due to Casino Operations","og_description":"Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter.","og_url":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-09-02T19:30:35+00:00","article_modified_time":"2019-09-02T20:48:22+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg","type":"image\/jpeg"}],"author":"Devin O'Connor","twitter_card":"summary_large_image","twitter_creator":"@CasinoorgDevinO","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Devin O'Connor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/","url":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/","name":"Genting Berhad Posts Increased Earnings Due to Casino Operations","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg","datePublished":"2019-09-02T19:30:35+00:00","dateModified":"2019-09-02T20:48:22+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf"},"description":"Genting Berhad, the Malaysia-based conglomerate that owns and operates casinos under the Resorts World brand, recorded a strong second quarter.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/09\/Malaysia-international-genetics-congress-PGM-MIGC-organizer-kuala-lumpur-33.jpg","width":1200,"height":800,"caption":"The Resorts World Genting helped lead its parent organization to profitability in the second quarter of 2019. (Image: Resorts World Genting)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/genting-berhad-posts-increased-earnings-due-to-casino-operations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Genting Berhad Posts Increased Earnings Due To Casino Resort Operations"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf","name":"Devin O'Connor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png","caption":"Devin O'Connor"},"description":"Devin O'Connor is a senior reporter for Casino.org, covering politics, casino business, entertainment and gaming news on the East Coast. Devin's passion for politics and background in the world of pop culture television gives him insight into the gaming industry backstories that often drive news these days. After graduating from Penn State University with a theater arts degree, he worked at MTV Networks\/Viacom from 2005 to 2010 as a writer and producer. His credits included Total Request Live, New Year's Eve specials, and a special featuring poker superstar Daniel Negreanu. He later moved on to the HGTV\/DIY Network, where he created, wrote, and produced three series specials: That's So House Hunters, That's So 80s, and That's So 90s. Devin came on board with Casino.org in 2014. He lives in Pennsylvania and is an avid marathoner, having completed 15 races. Contact Devin at devin.oconnor@casino.org.","sameAs":["https:\/\/www.linkedin.com\/in\/devinoconnor\/","https:\/\/x.com\/CasinoorgDevinO"],"url":"https:\/\/www.casino.org\/news\/author\/devin-oconnor\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/113824"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=113824"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/113824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/113838"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=113824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=113824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=113824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}