Recent Gaming Rise is Genting Malaysia's Gain2017-06-27 15:45:19
The recent major rise in the gaming and technology industry has helped play its part as Genting reports that their profits doubled in the first quarter of 2017.
A Giant of the Industry
The global gaming giant Genting has many gaming resorts across the globe which at the moment are all faring very well financially which will please Genting bosses’ and staff alike as their casino environment is unique and can’t be replicated by any other casino in the world. The Genting Highlands in Malaysia is just one of the several properties across the world which is achieving worldwide positive press.
As the entire gaming industry appears to be on the rise, Genting will be optimistic that their recent good fortune will continue both in the short-term for the remainder of the year and also long-term looking to the next few years to continue their impressive profits. Results from the first quarter of 2017 showed that Genting’s net profits doubled in the first three months of this year in comparison to the first three months in 2016. This year, Genting’s reported net profit figure for the first quarter stands at $75.5 million whereas Genting’s net profit figure for the same period in 2016 stood at $37.7 million.
2016 was a great year at Genting!
The management at Genting attributes much of this sensational growth to recent shifts in foreign exchanges. Genting also owns casino resort properties in the United Kingdom, China, USA, South Korea, Singapore, Philippines, Caribbean as well as Malaysia. The Genting Malaysia casino resort is the main winner out of all of the Genting resorts which will please Genting Malaysia management. They will be the envy of the other Genting companies across the planet. Total revenue for Genting didn’t grow all that much so far in 2017. For the same period in 2016, Genting’s total income came in at $5.16 billion while this year Genting’s total income comes in at $5.18 billion. While income has increased and the Genting company will be please, the growth hasn’t been seen across all the Genting resorts.
Genting sets sail to new found fortunes
Genting has recently expanded its global reach which has helped boost their finances. Through Genting’s recent “Genting Dream Cruises initiative, Genting now has two 3,300 passenger ships – the Genting Dream and World Dream, which sails to ports in Japan and Malaysia. This addition of a stop in Japan in April of this year coincided with Genting’s application for a license that Japan intends to award for future construction of Japan’s first integrated casino resorts.
Welcome to Miami
April was a very busy month for Genting as Miami commissioners approved Genting’s plan to build a 36-story hotel in downtown Miami. The hotel will need to operate as a non-gaming hotel initially due to Florida’s casino laws but this Genting property will make for a solid foothold should Florida law change and future casino licenses become available. Genting is really investing in the future and it is paying off for them!