Genting UK Reports £40 Million Rise in Revenue
Despite the fact that land-based casinos aren’t specifically known for being as popular as online platforms these days, it seems as though this is not something that is affecting all establishments. In fact, one of the largest casino operators within the United Kingdom has released its figures for 2017 and seen a £40 million rise in its revenue.
The Birmingham-based Genting UK saw its income increase from £300.9 million back in 2016 to a higher £337.7 million for the year ending 31 December 2017. That being said, it wasn’t all fun and happy times for the company. Its pre-tax profits have actually fallen from £23.1 million to a much lower £8.6 million in the same time period.
The Genting UK group operates a total of 40 casinos, with 36 of these being located within the United Kingdom. It also opened its own Resorts World Birmingham establishment in October of 2016. Inside this resort is not only the Genting International Casino, but several other welcoming features, including a hotel, gym, spa conferencing facility, 11-screen cinema and various shops, bars and restaurants. Not only that, but the company operates a hotel in Mayfair, London – one of the capital city’s most-lavish areas.
Genting Comments on Profits
Speaking of the latest figures, a statement that was signed by the board stated that revenue increased by a total of 64% in 2017 over the prior year, although “fell by 7% in the core division”. Following on from this, the statement spoke of the RWB revenue remaining at a relatively flat level, while the company certainly benefitted from the additional £8.6 million in revenue, coming from the acquisition of interactive business from Genting Alderney.
The statement then went on to speak about the casino market within the UK on the whole, saying that it has faced certain headwinds throughout the course of 2017. This came from increased regulatory pressure, inflationary pressure and a certain level of weakened customer confidence due to Brexit. Furthermore, the increase and intensification of KYC processes has also led to a reduction in the amount of play in some casinos.
“However, the business has remained resilient against this challenging backdrop…”, the statement went on.
Total casino revenue has grown by 5%, continuing the benefits brought forth by several strategic changes that were implemented throughout previous years. Now, the focus of Genting UK for 2018 is to strengthen its own position in the core business sector, as well as improve its own business efficiency.
That being said, September of 2017 saw the company put the owner and operator of Masims Casino London – Coastbright – up for sale.
Additionally, Genting UK works as a subsidiary of the Genting Malaysia Berhad group, which actually operates its own resort in Malaysia. This one also comes with its own hotel, theme park and additional entertainment.