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Genting Berhad Reports Group Revenue of $1.57 Billion for Q3 2023
Genting Berhad has posted its financial report for the third quarter of 2023, highlighting a 20.39% increase year-on-year in its group revenue to RM7.37bn ($1.57bn).
This improved performance in the group’s revenue was contributed mainly by the Leisure & Hospitality Division continuing to recover.
There was a significant increase in the group’s net profit from the previous year’s third quarter results, seeing them go up 177.16% to RM995m.
EBITDA also saw an increase, going up from RM2.06bn in the third quarter of 2022 to RM2.73bn in the third quarter of 2023, representing an increase of nearly 33%.
Resorts World Sentosa continued to benefit from the sustained recovery of travel and tourism within the region, seeing both revenue and EBITDA increase, while Resorts World Genting recorded higher revenue this quarter due to a higher volume of business registered by its gaming and non-gaming segments; owing to the relaxation of border control as compared to Q3 2022.
Genting mentions that its financial performance for the rest of the 2023 financial year may be impacted by a number of factors, including the continuation of domestic demand employment growth; and the regional gaming market is expected to continue its recovery as airline capacity and air connectivity in the region improves.
The report also mentions that Resorts World Sentosa has collaborated with a local charity organisation called Food from the Heart to fund, to enable the distribution of fresh, locally sourced produce to 2400 underprivileged families across the island over the next three years.
PAGCOR SCORES 99.46% IN GCG 2022 PERFORMANCE EVALUATION SYSTEM
The Philippine Amusement and Gaming Corporation (PAGCOR) recently received formal recognition from the Governance Commission for GOCCs or GCG for achieving a score of 99.46% in its annual Performance Evaluation System (PES) for 2022.
The score is one of the highest in the history of PAGCOR and was achieved on the first year under the leadership of Chairman and CEO Alejandro H. Tengco, who was appointed by President Ferdinand Marcos Jr. in August 2022.
PAGCOR’s score in the 2021 PES was 98.08%, while in 2020 it was 91.38%.
The award for 2022 was received by PAGCOR President and COO Atty. Juanito L. Sañosa during the inaugural GOCC Governance Awards Ceremony on November 20, 2023 at the PICC Complex in Pasay City.
Atty. Sañosa said the award elevated PAGCOR to the ranks of the best performing GOCCs in the country.
“This is truly another proud moment for PAGCOR. While this award serves as a validation of our efforts and hard work, it also inspires us to continuously exceed our past accomplishments – all in the service of our country,” he said.
The PES award is a recognition of the unwavering dedication to the highest standards of accountability and efficiency among government-owned and controlled corporations.
In the GCG report, PAGCOR garnered perfect scores in the following categories: Increased Contribution to National Government Coffers and Nation-Building Efforts; Increased Gross Gaming Revenue of the Industry; and Increased Revenue of PAGCOR; among others.
In his keynote speech during the awards ceremony, Executive Secretary Lucas P. Bersamin said GOOCs contributed Php48.68 billion in dividends in 2022, funding some of the most vital government socio-civic projects such as infrastructure, health, education, and others.
“It is beyond question that GOCCs are significant tools in adjuring inclusive economic growth and development for 2022. The Bureau of Treasury recorded Php48.68 billion dividends coming from different GOCCs that are covered under Republic Act 10149,” Bersamin noted.
In a statement, GCG Commissioner Atty. Brian Keith F. Hosaka encouraged all GOCCs to work closely together in making the GOCC sector a prime driver in delivering effective and efficient progress for Filipinos.
Aside from PAGCOR, twelve other GOCCs received awards for achieving the highest Corporate Governance Scorecard (CGS) ratings in 2022 while three bagged the CGS Hall of Fame.
Neela Mediatech announces strategic partnership with JioGames
Neela Mediatech is the gaming, animation, and E-commerce, a business extension of the IP of ‘Taarak Mehta Ka Ooltah Chashmah’
Neela Mediatech’s gaming platform TMKOC PLAY, built on the leading IP, Taarak Mehta Ka Ooltah Chashmah has announced a strategic partnership with JioGames. With this partnership, the company aims to roll out 50+ games on the JioGames platform targeting a significant base of Indian mobile and cloud gaming users.
JioGames users will now have the opportunity to enjoy a diverse selection of games centred on the theme of ‘TMKOC’ and immerse themselves in the roles of their cherished characters from the series. This partnership will enable JioGames to welcome fresh users from the existing audience of over 60 million captivated by the ‘TMKOC’ intellectual property.
Announcing this partnership, Mr. Asit Modi, Creator, Producer and Managing Director of Neela Film Production and Neela Mediatech, said, “TMKOC and Jio are familiar names in households nationwide, and their user base extends even to the remote corners of cities and towns. Therefore, it’s a strategic move to capitalize on each other’s strengths. This partnership will facilitate an expansion of our user base, providing an exceptional digital entertainment experience.”
Neela Films, the production house recently invested INR 24cr into Neela Mediatech, the gaming, animation and e-commerce business as an extension to Taarak Mehta Ka Ooltah Chashmah IP. The company has recorded 5 million game downloads, and their YouTube rhymes channel has expanded its subscriber base from 1.5 million to 3 million in a brief span. This growth encompasses multiple languages, including English, Hindi, Marathi, Punjabi, Bengali, Bhojpuri and Gujarati.
The platform will host free-to-play games and cloud-based adventures, for both single-player and multiplayer gamers. Bhide Scooter Race, TMKOC Air Hockey, Bhide Pickle Delivery, Gokuldham Kite Flying and Tapu Skating Adventure are the first of many games that are available on the platform.
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