Genting Singapore Q3 net profit more than doubles to $135.8 million

Genting noted that its expansion projects for Resorts World Sentosa are “proceeding expeditiously as planned”. PHOTO: LIANHE ZAOBAO

SINGAPORE - Genting Singapore reported on Thursday a more than 100 per cent increase in net profit for its third quarter, on the back of stronger gaming and non-gaming revenue.

Net profit for the three months ended Sept 30, 2022, rose to $135.8 million from $60.7 million in the same period a year ago, the operator of Resorts World Sentosa (RWS) said in a business update filed to the Singapore Exchange.

The third-quarter net profit was also significantly higher than the $44.1 million net profit posted in the second quarter of financial year 2022.

Genting Singapore’s stronger profits come on the back of improved revenue, as recovery from the impact of Covid-19 restrictions continued. Revenue for the group more than doubled on-year to $519.7 million in the third quarter of financial year 2022. It was also 49 per cent higher than the $348.6 million posted in the second quarter.

Gaming revenue rose 96 per cent on-year to $382 million, while non-gaming revenue climbed to $137.3 million from $56.2 million in the year-ago period.

“The overall improvement in RWS’ operating performance reflects the ongoing recovery of regional travel markets, but such recovery has yet to return to the pre-pandemic levels,” Genting Singapore said in a statement.

The group attributed the rebound in gaming revenue to ”more affluent and premium customers who are staying slightly longer”.

Genting Singapore said that it remains “confident and excited” about its growth opportunities in Singapore. It noted that its expansion projects for RWS are “proceeding expeditiously as planned”, and the group is also investing in assets to attract the affluent market.

“While labour shortages and cost pressures present significant challenges, we continue to enhance our product offerings and hire, train and reskill our workforce,” the group said.

It added that it is also strengthening its leadership and management team for the next stage of growth. THE BUSINESS TIMES

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