Genting Malaysia Bhd. · MYX:GENM
Genting Malaysia Bhd — Investor Presentation (June 2019)
31 slides from Genting Malaysia Bhd's investor presentation, June 2019
Slide 1: Corporate Presentation June 2019
No. 58019-U Corporate Presentation June 2019
Slide 2: Agenda
AGENDA 1 GROUP OVERVIEW 2 FINANCIAL HIGHLIGHTS 3 MALAYSIAN OPERATIONS OVERSEAS OPERATIONS 4 - UK & EGYPT - US & BAHAMAS 5 LOOKING AHEAD 2
Slide 3: Group Overview
GROUP OVERVIEW MALAYSIA
Slide 4: GENM Corporate Structure
GROUP OVERVIEW GENM CORPORATE STRUCTURE * Malaysia US & Bahamas UK & Egypt 100% 100% 100% 100% 78% 100% 100% * Genting Malaysia Berhad is a 49.5% owned subsidiary of Genting Berhad 4
Slide 5: GENM Key Properties
GROUP OVERVIEW GENM KEY PROPERTIES Resorts World Genting (RWG) Resorts World Casino New York City A world-class integrated destination ~7.7m visitors in FY2018 resort Equipped with ~6,000 video gaming ~25.9m visitors in FY2018 machines (“VGM”) and other leisure facilities ~10,500 rooms ~
Slide 6: GENM Key Properties
GROUP OVERVIEW GENM KEY PROPERTIES Resorts World Genting, Malaysia Resorts World Casino New York City, US Resorts World Bimini, Bahamas Resorts World Birmingham, UK 6
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS MALAYSIA
Slide 8: FY18 & 1Q19 Overview
FINANCIAL HIGHLIGHTS OVERVIEW FY18 & 1Q19 % % In RM’mil FY18 FY17 1Q19 1Q18 Change Change Revenue 9,928 9,330 ↑6% 2,736 2,400 ↑14% Adjusted EBITDA 2,873 2,209 ↑30% 684 608 ↑13% Adjusted EBITDA 29% 24% 25% 25% Margin Net Profit 1,748 1,073 ↑63% 253 342 ↓26% (Excl. Mashpee impairment) Net Profit / (Lo
Slide 9: Revenue & Adjusted EBITDA by Geography – FY18
REVENUE & ADJUSTED EBITDA OVERVIEW BY GEOGRAPHY – FY18 Revenue Adjusted EBITDA US & US & Bahamas Bahamas 15% UK & 12% UK & Egypt Egypt 18% 5% Malaysia Malaysia 84% 67% 9
Slide 10: Revenue & Adjusted EBITDA by Geography – 1Q19
REVENUE & ADJUSTED EBITDA OVERVIEW BY GEOGRAPHY – 1Q19 Revenue Adjusted EBITDA US & US & Bahamas Bahamas UK & 14% UK & 10% Egypt Egypt 15% 6% Malaysia Malaysia 84% 70% 10
Slide 11: Capital Management: Net dividend per share
CAPITAL MANAGEMENT OVERVIEW STRATEGY Dividend per Share 20 19.00* Net dividend per share (sen) 16.50* 17.00* 8.00 16 8.00 7.30 12 11.00 8 9.20 9.00 7.13 6.50 7.10 4 - FY13 FY14 FY15 FY16 FY17 FY18 *Include a special dividend of 8.0 sen (FY17: 8.0 sen) per share Dividend FY18 total dividend represe
Slide 12: Malaysian Operations
3 MALAYSIAN OPERATIONS 12
Slide 13: Malaysia Leisure & Hospitality Performance Review
LEISURE & HOSPITALITY MALAYSIA PERFORMANCE REVIEW IN FY18 & 1Q19 % % In RM’mil FY18 FY17 1Q19 1Q18 Change Change Revenue 6,594.6 5,836.8 ↑13% 1909.5 1599.5 ↑19% Adjusted EBITDA 2,297.3 1,806.1 ↑27% 555.6 533.7 ↑4% Adjusted EBITDA 35% 31% 29% 33% Margin Improved performance in 1Q19 aided by:- • Hig
Slide 14: Malaysia Revenue
LEISURE & HOSPITALITY MALAYSIA PERFORMANCE REVIEW IN FY18 & 1Q19 Revenue (RM’mil) 7,000 6,595 6,000 5,684 5,623 5,837 5,362 5,577 5,000 4,000 3,000 2,000 1,910 1,600 1,000 - FY13 FY14 FY15 FY16 FY17 FY18 1Q18 1Q19 Steady growth despite challenging operating environment 14
Slide 15: Malaysia Adjusted EBITDA and Margin
LEISURE & HOSPITALITY MALAYSIA PERFORMANCE REVIEW IN FY18 & 1Q19 Adjusted EBITDA (RM’mil) / Margin (%) 3,500 42% 35% 35% 35% 35% 35% 3,000 33% 35% 31% 29% 2,500 2,297 28% 1,972 1,931 1,942 2,000 1,860 1,806 21% 1,500 14% 1,000 534 556 500 7% - 0% FY13 FY14 FY15 FY16 FY17 FY18 1Q18 1Q19 Adjusted EB
Slide 16: RWG Key Statistics – FY18
LEISURE & HOSPITALITY MALAYSIA RWG KEY STATISTICS – FY18 25.9m 73% VISITORS DAY-TRIPPERS (FY17: 23.6m) ↑10% (FY17: 72%) 4.6m 9.5m MEMBERS TICKETS SOLD ↑9% (FY17 : 4.2mil) ↑14% (FY17: 8.3mil) 16
Slide 17: RWG Hotel Performance – FY18
LEISURE & HOSPITALITY MALAYSIA RWG HOTEL PERFORMANCE – FY18 10,500 3.5m ROOM NIGHTS ROOMS SOLD 7 HOTELS (FY17: 3.3m) ↑11% RM106 97% AVG ROOM RATE (FY17: RM92) OCCUPANCY (FY17: 95%) ↑15% 17
Slide 18: Overseas Operations
UK US & Bahamas Egypt Malaysia 18
Slide 19: Overseas Operations – United Kingdom & Egypt
4 OVERSEAS OPERATIONS – UNITED KINGDOM & EGYPT 19
Slide 20: UK & Egypt Performance Review in FY18 & 1Q19
UK & LEISURE & HOSPITALITY EGYPT PERFORMANCE REVIEW IN FY18 & 1Q19 % % In £’mil FY18 FY17 1Q19 1Q18 Change Change Revenue 330.1 342.0 ↓3% 78.6 75.4 ↑4% Adjusted EBITDA 33.8 41.7 ↓19% 7.7 5.6 ↑38% Adjusted EBITDA 10% 12% 10% 7% Margin 1Q19 adjusted EBITDA aided by: Higher contribution from premiu
Slide 21: UK & Egypt Revenue
UK & LEISURE & HOSPITALITY EGYPT PERFORMANCE REVIEW IN FY18 & 1Q19 Revenue (£’mil) 400 342 330 323 315 323 320 240 227 160 75 79 80 - FY13 FY14 FY15 FY16 FY17 FY18 1Q18 1Q19 Revenue remained relatively stable amid subdued consumer sentiment 21
Slide 22: Overseas Operations – US & Bahamas
4 OVERSEAS OPERATIONS – US & BAHAMAS 22
Slide 23: US & Bahamas Performance Review in FY18 & 1Q19
US & LEISURE & HOSPITALITY BAHAMAS PERFORMANCE REVIEW IN FY18 & 1Q19 % % In US$’mil FY18 FY17 1Q19 1Q18 Change Change Revenue* RWNYC and RW Omni 297.4 281.4 ↑6% 77.9 77.0 ↑1% RW Bimini 24.1 24.9 ↓3% 4.2 6.2 ↓34% Total 321.5 306.3 ↑5% 82.1 83.2 ↓1% Adjusted EBITDA* RWNYC and RW Omni 103.9 98.2 ↑6% 21
Slide 24: US & Bahamas Revenue
US & LEISURE & HOSPITALITY BAHAMAS PERFORMANCE REVIEW IN FY18 & 1Q19 Revenue (US$’mil) 300 250 251 259 240 238 239 240 180 120 64 64 60 - FY13 FY14 FY15 FY16 FY17 FY18 1Q19 1Q18 Continues to lead the Northeast US region with 41.8%1 market share ~6,000 machines in operation at the facility Aver
Slide 25: US RWNYC Expansion
US RWNYC EXPANSION To open in phases from end-2019 New attractions include a new 400-room hotel, additional gaming space and a variety of dining, entertainment and retail outlets Artist Impression ……Transforming RWNYC into a premium integrated resort destination 25
Slide 26: Looking Ahead
LOOKING AHEAD MALAYSIA
Slide 27: Malaysia Key Challenges
LEISURE & HOSPITALITY MALAYSIA KEY CHALLENGES Uncertain economic backdrop Increase in casino duties Litigation with 21st Century Fox and Disney 27
Slide 28: Malaysia Prospects and Focus
LOOKING AHEAD MALAYSIA PROSPECTS AND FOCUS Resorts World Genting Rationalise operating cost structure Continuously review capex requirements Leverage new assets to grow key business segments Optimise yield management and database analytics Improve service delivery and operational efficienc
Slide 29: UK & Egypt Prospects and Focus
UK & LOOKING AHEAD EGYPT PROSPECTS AND FOCUS UK & Egypt Streamline operations and improve overall operational efficiencies VIP Markets – Manage business volatility Mass Markets – Grow market share RW Birmingham – Grow visitation and business volume 29
Slide 30: US & Bahamas Prospects and Focus
US & LOOKING AHEAD BAHAMAS PROSPECTS AND FOCUS US & Bahamas RWNYC – Continue to boost direct marketing efforts – Focus on RWNYC’s ongoing expansion RW Omni – Leverage the Hilton Miami Downtown RW Bimini – Enhance infrastructure and connectivity 30
Slide 31: Disclaimer
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
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