Virtual ASEAN Corporate Days 10 March 2020 AGENDA 1 GROUP - - PowerPoint PPT Presentation

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Virtual ASEAN Corporate Days 10 March 2020 AGENDA 1 GROUP - - PowerPoint PPT Presentation

Mar 10, 2024 196 likes •501 views

No. 198001004236 (58019-U) CREDIT SUISSE Virtual ASEAN Corporate Days 10 March 2020 AGENDA 1 GROUP OVERVIEW 2 FINANCIAL HIGHLIGHTS 3 MALAYSIAN OPERATIONS OVERSEAS OPERATIONS 4 - UK & EGYPT - US & BAHAMAS LOOKING AHEAD 5 2

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SLIDE 1

10 March 2020

CREDIT SUISSE Virtual ASEAN Corporate Days

  • No. 198001004236 (58019-U)
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SLIDE 2

2

AGENDA

1 GROUP OVERVIEW 2 FINANCIAL HIGHLIGHTS 3 MALAYSIAN OPERATIONS 4 OVERSEAS OPERATIONS

  • UK & EGYPT
  • US & BAHAMAS

5 LOOKING AHEAD

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3

1

GROUP OVERVIEW

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GROUP OVERVIEW

CORPORATE STRUCTURE

4 * Genting Malaysia Berhad is a 49.5% owned subsidiary of Genting Berhad

Malaysia

100% 100% 100% 100% 78% 100% 100%

US & Bahamas UK & Egypt

*

GENM

49%

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5 Resorts World Casino New York City, US Resorts World Bimini, Bahamas Resorts World Genting, Malaysia Resorts World Birmingham, UK Resorts World Catskills, US

GROUP OVERVIEW KEY PROPERTIES GENM

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Resorts World Genting

  • A world-class integrated destination resort
  • ~28.7m visitors in FY19
  • ~14,100 employees

Genting UK

  • One of the largest gaming operators in the UK
  • ~4.0m visitors in FY19
  • ~3,400 employees

6

GROUP OVERVIEW KEY PROPERTIES GENM

Resorts World Casino New York City

  • ~8.0m visitors in FY19
  • Equipped ~6,500 VGMs and other leisure facilities
  • ~1,000 employees

Resorts World Catskills

  • 49 : 51 joint venture
  • Offers gaming, accommodation, leisure and entertainment options
  • 150 live table games and ~1,600 VGMs

Resorts World Bimini

  • 78 : 22 joint venture
  • Offers gaming, accommodation, leisure and entertainment options
  • ~460 employees
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7

2

FINANCIAL HIGHLIGHTS

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FINANCIAL HIGHLIGHTS

4Q19 & FY19

OVERVIEW

In RM’mil 4Q19 4Q18 % Change FY19 FY18 % Change

Revenue 2,442 2,507 ↓3% 10,407 9,928 ↑5% Adjusted EBITDA 551 749 ↓26% 2,641 2,873 ↓8%

Adjusted EBITDA Margin 23% 30% 25% 29%

Net Profit

(Excl. Mashpee impairment)

282 705 ↓60% 1,332 1,748 ↓24% Net Profit 282 705 ↓60% 1,332 (86) ↑>100%

  • Group core performance impacted by Malaysian operations
  • FY19 net profit largely due to impairment loss on Mashpee Notes recorded last year
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Malaysia 67% UK & Egypt 17% US & Bahamas 16% Malaysia 78% UK & Egypt 11% US & Bahamas 11%

REVENUE & ADJUSTED EBITDA

BY GEOGRAPHY – 4Q19 & FY19

OVERVIEW

Malaysia 69% UK & Egypt 16% US & Bahamas 15% Malaysia 80% UK & Egypt 9% US & Bahamas 11%

Revenue Adjusted EBITDA 4Q19 FY19 Revenue Adjusted EBITDA

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6.50 7.10 16.50 17.00 19.00 20.00*

  • 4

8 12 16 20 24 FY14 FY15 FY16 FY17 FY18 FY19

Dividend per Share

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Dividend

  • FY19 total dividend increased 5% y-o-y
  • Dividend yield: 6.1%#

Net dividend per share (sen)

*Include a special dividend of 9.0 sen (FY18: 8.0 sen) per share

9.20 7.30 9.00 8.00

Share Buyback

  • Net treasury shares to-date: 286 million (4.82% of total issued capital)

11.00 8.00

CAPITAL MANAGEMENT

STRATEGY

OVERVIEW

9.00 11.00

#Based on closing price @ 31 Dec 2019

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MALAYSIAN OPERATIONS

3

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LEISURE & HOSPITALITY PERFORMANCE REVIEW IN 4Q19 & FY19

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In RM’mil 4Q19 4Q18 % Change FY19 FY18 % Change Revenue 1,604.8 1,698.6 ↓6% 7,066.6 6,594.6 ↑7% Adjusted EBITDA 415.1 582.2 ↓29% 2,048.2 2,297.3 ↓11% Adjusted EBITDA Margin 26% 34% 29% 35%

  • Increase in revenue primarily due to:-
  • Higher hold percentage in the mid to premium players segment
  • Improvement in non-gaming revenue by 39%
  • Adjusted EBITDA impacted by higher casino duties imposed

MALAYSIA

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5,362 5,577 5,623 5,837 6,595 7,067

  • 1,500

3,000 4,500 6,000 7,500 FY14 FY15 FY16 FY17 FY18 FY19

LEISURE & HOSPITALITY PERFORMANCE REVIEW IN 4Q19 & FY19

13

Revenue (RM’mil)

  • Steady growth despite increasingly challenging operating environment

MALAYSIA

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1,972 1,860 1,931 1,942 1,806 2,297 2,048 35% 35% 35% 35% 31% 35% 29% 0% 5% 10% 15% 20% 25% 30% 35%

  • 500

1,000 1,500 2,000 2,500 3,000 FY13 FY14 FY15 FY16 FY17 FY18 FY19

LEISURE & HOSPITALITY PERFORMANCE REVIEW IN 4Q19 & FY19

14

  • Adjusted EBITDA margin impacted by higher casino duties imposed
  • Ongoing enhancements to cost and operational efficiencies mitigate impact of rising

cost structure

Adjusted EBITDA (RM’mil) / Margin (%)

MALAYSIA

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LEISURE & HOSPITALITY RWG Key Statistics – FY18 & FY19 MALAYSIA

FY18 FY19

25.9m

VISITORS

↑10%

(FY17: 23.6m)

28.7m

VISITORS

↑11%

(FY17 : 4.2mil)

4.6m

↑9%

MEMBERS

5.0m

↑9%

MEMBERS

One of Asia’s leading integrated resort destinations

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LEISURE & HOSPITALITY RWG Hotel Performance – FY18 & FY19

MALAYSIA

10,500 ROOMS

across 7 hotels FY18 FY19

RM219

AVG ROOM RATE

↑>100%

RM106

AVRG ROOM RATE

↑15%

(FY17: RM92)

95%

OCCUPANCY

(FY17: 95%)

97%

OCCUPANCY

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17

UK US & Bahamas Egypt

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OVERSEAS OPERATIONS

4

– UNITED KINGDOM & EGYPT

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LEISURE & HOSPITALITY PERFORMANCE REVIEW IN 4Q19 & FY19

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UK & EGYPT

In £’mil 4Q19 4Q18 % Change FY19 FY18 % Change Revenue 78.8 79.2 ↓1% 316.8 330.1 ↓4% Adjusted EBITDA 11.2 11.5 ↓3% 43.8 33.8 ↑29%

Adjusted EBITDA Margin 14% 15% 14% 10%

  • Revenue impacted by lower hold % in the premium players segment
  • Improvement in FY19 adjusted EBITDA mainly due to adoption of a new accounting

standard

  • Visitors ↓3% to 4.0m in FY19 (FY18: 4.1m)
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OVERSEAS OPERATIONS

4

– US & BAHAMAS

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LEISURE & HOSPITALITY PERFORMANCE REVIEW IN 4Q19 & FY19

In US$’mil 4Q19 4Q18 % Change FY19 FY18 % Change Revenue* RWNYC and RW Omni 84.6 78.3 ↑8% 332.8 319.0 ↑4% RW Bimini 3.9 3.6 ↑8% 21.8 24.1 ↓10% Total 88.5 81.9 ↑8% 354.6 343.1 ↑3% Adjusted EBITDA* RWNYC and RW Omni 21.0 26.3 ↓20% 88.5 103.9 ↓15% RW Bimini (5.3) (4.0) ↓33% (18.8) (28.2) ↑33% Total 15.7 22.3 ↓30% 69.7 75.7 ↓8%

Margin 18% 27% 20% 22%

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US & BAHAMAS

  • Adjusted EBITDA impacted by higher payroll and operating expenses at RWNYC
  • RW Bimini continues to record narrowing losses as operational efficiencies improve
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RWNYC EXPANSION US

……Transforming RWNYC into a premium integrated resort destination

  • New attractions include a new 400-room hotel, additional gaming space and a variety of

dining, entertainment and retail outlets

  • Additional gaming space opened in September 2019; remaining facilities to open by 2H20

Artist Impression

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RESORTS WORLD CATSKILLS US

…...Premium destination resort offering unparalleled entertainment

Artist Impression

  • Opened in February 2018
  • 49:51 joint venture between GENM and Kien Huat Realty III
  • One of four commercial gaming-licensed casinos in the New York State
  • 150 live table games, ~1,600 VGMs, over 400 rooms across 2 premium hotels

and various F&B outlets

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LOOKING AHEAD

5

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LOOKING AHEAD PROSPECTS AND FOCUS MALAYSIA

Resorts World Genting

  • To focus on the timely completion of the outdoor

theme park

  • To capitalise on visitation growth once domestic

and international tourism recovers

  • Leverage quality assets to grow key business

segments

  • Drive cost and operational efficiencies
  • Optimise yield management
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LOOKING AHEAD PROSPECTS AND FOCUS

UK & EGYPT

UK & Egypt

  • Streamline operations and improve overall
  • perational efficiencies
  • VIP Markets – Manage business volatility
  • Mass Markets – Strengthen position
  • Leverage

revamped

  • nline

interactive business to enhance offline and online gaming experiences

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LOOKING AHEAD PROSPECTS AND FOCUS

US & BAHAMAS

US & Bahamas

  • RWNYC and RW Catskills

– Focus on RWNYC’s ongoing expansion – Leverage synergies between RWNYC and RW Catskills to grow business volume and improve margins

  • RW Omni

– Leverage Hilton Miami Downtown to drive visitation and revenue

  • RW Bimini

– Improve accessibility and infrastructure – Leverage partnerships with renowned brands to improve footfall and revenue

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Disclaimer Some of the statements made in this presentation which are not statements of historical facts are forward-looking statements and are based on the current beliefs, assumptions, expectations, estimates, objectives and projections of the directors and management of the Genting Malaysia Group (“Group”) about its business and the industry and markets in which it operates. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors some

  • f which are beyond the control of the Group and are difficult to predict. Consequently, actual results could differ

materially from those expressed or forecast in the forward looking statements as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational

  • risks. The Group does not undertake to update these forward-looking statements to reflect events or circumstances that

may arise after publication.