Genting Singapore Q3 profit gains 25 percent

Thursday 8th of November 2018

Genting Singapore said Q3 net profit gained 25 percent, though revenue was primarily driven by non-gaming attractions.

Net income came in at $210.4 million from $168.6 million a year earlier. Revenue gained 1 percent to $639 million, though gaming revenue was down 1 percent to $445 million. Non-gaming revenue rose 9 percent to $192.8 million.

The company said the attractions business at its Resorts World Sentosa resort achieved strong results, in particular Universal Studios Singapore, S.E.A. Aquarium and Adventure Cove Waterpark.

Average daily visitorship during the quarter was more than 22,000 and it enjoyed average hotel occupancy of over 97 percent.

“Our mass gaming business delivered stable performance. Our VIP rolling volume continued to grow, and we remain prudent in our credit extension,” the company said.

Looking ahead, Genting Singapore said it would “sharpen its marketing focus” on the regional premium mass segment and would refresh its products and services.

The operator said it would also continue to target VIP rolling volume, though with “measured credit risk appetite.”

“On the Japan front, we continue to work steadily towards the expected bidding process for Integrated Resorts in the second half of 2019 following the establishment of the basic policy for developing IRs. Specific cities have shown interest in having an IR and we have responded to their requests for information, views and comments,” it said.