Genting Malaysia is preparing to re-open Resorts World Genting, its main casino, and announced results for the first quarter of 2020. Genting Malaysia experienced a net loss of MYR453.9 million ($104.4 million), a substantial drop from the net profit of MYR253.1 million ($58.2 million) earned in the first quarter of 2019.

The company’s worldwide revenue declined by 29%, earning MYR1.96 billion ($451 million) for Q1 2020. Resorts World Genting experienced a revenue drop of 36% to MYR1.23 billion ($283.0 million), and adjusted EBITDA fell 40% to MYR331.2 million ($76.2 million).

Compounds were issued to those trying to travel interstate or inter-district without a permit. KUALA LUMPUR: Police arrested 517 people yesterday for offences against the movement control order. Latest Casino and Gambling News, Gaming Law & Legislation, Casino proposals, Casino News, Gaming Industry News, Casino project updates, Japan, Licenses The government for Japan has reportedly revised the timeline for when the nation’s trio of integrated casino resorts could begin opening by a further five years to nearer the end of this decade.

The COVID-19 pandemic is to be blamed for the drastic drop in revenue. However, the virus lockdown also interfered with Genting Malaysia’s plans to open a new outdoor theme park. The construction work was impacted by the restrictions issued by the Malaysian government since March.

The Malaysian government eased the Movement Control Order at the beginning of May, but the group's casinos remained closed, stating that “the Group is currently preparing for the resumption of operations and is focused on leveraging domestic demand to drive visitation and revenue”.

Shares in Genting Malaysia rose nearly 5 percent on Monday, hitting their highest level in nine months, on expectations the government's easing of restrictions on interstate travel will benefit the casino operator. Quick take: Genting hits 9-month high (The Star). Malaysia’s Minister of Finance, Lim Guan Eng, has announced that punishments for both gamblers and gambling operators will increase as part of the country’s 2020 budget. The budget, introduced on Friday (11 October), also sets out that the number of four-digit lottery draws per year run by the Number Forecast Operators (NFO) will be reduced. The Malaysian government has set out a raft of changes which will be implemented from next year which clamp down on gambling in the country. As part of their budget, tough new penalties for gambling will apply and the number of four-digit lottery draws will be slashed to just eight per year.

The theme park was set to open its doors in Q3 this year, but was delayed by the virus and pushed back 12 months, to Q4 2021, “due to travel restrictions, weak demand and slow pace of works during Covid-19” they added.

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