In a statement, the group said the outlook for the tourism, leisure, and hospitality industries remained highly uncertain as recovery setbacks persist amid ongoing travel restrictions in response to the pandemic. “Consequently, the group maintains its cautious stance on the near-term prospects of the leisure and hospitality industry.
’s net quarterly loss has widened by 15.7% year-on-year (y-o-y) to RM483.59mil.
The adverse impact to the group’s earnings was primarily due to the temporary closure of its businesses in Malaysia and the United Kingdom, in addition to the group’s properties operating at a reduced capacity in compliance with the respective government directives amid the pervasiveness of the Covid-19 pandemic.
fell deeper into the red in first quarter due to the adverse impact of the Covid-19 pandemic on the group s leisure and hospitality operations.
Net losses in the three-month ended March 31 ballooned to RM331mil from RM132mil a year ago.
Revenue tumbled 45% to RM2.2bil from RM4.1bil previously, the company said in a press release today.
’s (GENM) leisure and hospitality business worldwide continued to report lower cost structure in 1Q21 following the re-calibration of GENM Group’s operating structure and right-sizing of its workforce in response to the unprecedented disruptions to its operations amid the Covid-19 pandemic, it said.
The Resorts World Genting casino complex (pictured) in Malaysia has “temporarily closed” its casino from today (Monday, May 24), until further notice, because of a so-called movement control order imposed by the country’s government as a Covid-19 countermeasure.
“Resorts World Genting will be limiting its operating hours from 8am to 8pm, effective 25 May until 7 June 2021,” according to a Monday notice on the website of the casino property, a venue operated by Genting Malaysia Bhd.
“This applies to all our hotels, food and beverage outlets, shopping malls, retail outlets and other facilities. Some of our offerings may not be available during this period,” it stated.
Record loss at Genting exposes effects of the pandemic on travel and leisure
Bloomberg
More signs of strain are showing at the Genting Group (雲頂集團) after its Hong Kong-listed cruise ship operator reported a record loss and warned about its ability to continue as a going concern, while uncertainty surrounded the conglomerate’s casino operations.
The woes of Malaysian tycoon Lim Kok Thay’s (林國泰) empire encapsulate the effect 16 months of COVID-19 has had on the travel and leisure industries globally, with a slew of airlines, cruise operators and hotels reduced to operating at a fraction of pre-pandemic capacity, if at all. Many have collapsed.