The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

RESORTS World Bimini’s parent company suffered a decline in earnings in its latest quarter, according to international reports.

Genting Bhd, the investment holding and management company of the Genting Group, reported a decline in its earnings for the third quarter which ended on September 30.

One report, by Malaysian news agency thestar.com.my, noted that at the profit before tax level, US and Bahamas operations reported a revenue decline of 83 per cent, or $2m in US currency.

“Revenue from the leisure and hospitality business in the US and Bahamas fell mainly due to lower revenue contribution from Resorts World Bimini in Bahamas,” the report said.

“The Bimini operations suffered a higher loss before interest, tax, depreciation and amortisation in the current quarter due to operational challenges.”

The international reports did not give details into the operational challenges facing RWB this year, but forecasters have noted that business operations at the resort have not reached its anticipated levels because of ongoing infrastructural and capacity expansions.

RWB did not provide a response to the financial report before press time yesterday.

However, the organisation released a statement noting that a “top-of-the-line back hoe and dump truck” were donated to Bimini’s local government town council as part of the corporation’s support of efforts to beautify the island.

“The two heavy-duty vehicles have a combined value of more than $50,000,” the statement said.

Chief Councillor Robbie Smith is quoted in the statement expressing gratitude for the gift.

“This really means a lot to the people of Bimini and I am grateful to Resorts World for fulfilling its promise to us,” he is quoted as saying. “Together, we are moving forward on the right track, and everyone on the island really appreciates what has been done here today.”