The casino operator attributed the growth in gaming revenue to the reopening of international borders.
Singapore.- Genting Singapore has published its financial results for the first half of 2022. It’s reported a rise in gaming revenue of 7.3 per cent year-on-year to nearly SGD475.2m.
The company reported that net profit fell by 4.3 per cent year-on-year to SGD84.4m (US$61.3m) while revenue was up 19.5 per cent to SGD663.1m.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at SGD268.7m, down 2.7 per cent year-on-year. Non-gaming revenue rose 64.9 per cent to just under SGD183.0m.
In the first quarter of the year, the company posted a net profit of SG$40.4m (US$28.9m), up 17.3 per cent quarter-on-quarter and 16.9 per cent when compared to last year. Revenue was SG$314.5m (US$225m), up 13.2 per cent year-on-year and 20.5 per cent quarter-on-quarter.
There was an amount of SGD103.6m in gross trade receivables at the end of June 2022, with the “majority” relating to debt owed by casino clients. The amount decreased from SGD224.1m in the previous year.
The company stated: “Despite the ongoing economic disruptions caused by the Covid-19 pandemic, the Group’s second quarter performance has benefitted from the reopening of international borders and pent-up demand in gaming and integrated resort’s tourism offerings.
“Substantial lifting of pandemic-related restrictions has boosted the operating capacities of attractions and dining outlets, although attendance across all attractions remained below pre-pandemic levels owing to limited international flight capacity and pricey airfares.”
The company also made reference to its expansion project “RWS 2.0” and stated it is progressing well. It added: “We are embarking on a make-over of our tourism offerings to enhance the integrated resort’s destination appeal to capitalise on the post-pandemic pent-up demand, particularly from the affluent regional market.
“With refreshed product offerings targeted at the premium market, we are confident that return on invested capital will deliver significant future growth.”
In July, Genting Singapore confirmed that it received an unsolicited approach for its holding in but denied that it was in talks. Bloomberg reported that MGM Resorts International had been in touch with the controlling shareholder, the Lim family, to explore a deal.
Genting Singapore rose 9.3 per cent on that news, reaching its highest price in nearly two years.
Singapore expects an increase in foreign visitors in H2
As previously reported by Focus Gaming News, the government of Singapore says it is confident that visitor numbers for the second half of the year will be up by at least two-thirds when compared to the first half figures. The Singapore Tourism Board (STB) expects “between 4 and 6 million” international visitor arrivals for the whole of 2022.
Authorities have reported that 1.5 million visitors arrived in the country in the first half. The top five source markets were Indonesia (282,000), India (219,000), Malaysia (139,000), Australia (125,000) and the Philippines (81,000).