Genting Singapore increased liabilities tied to revenue recovery
The operator says its increased liabilities are in line with revenue growth.
Singapore.- Genting Singapore Ltd has issued a statement in response to the queries raised by Singapore Exchange Securities Trading about its financial statements for the 2022 financial year. The company said that increased liabilities were in line with revenue growth due to the travel recovery.
Operating liabilities in 2022 amounted to S$171.2m. Genting said these were related to expenses incurred in the ordinary course of business, mainly employee salaries and related costs, taxes and duties and other direct operating expenses.
Contract liabilities of S$152.6m were tied to customer deposits, deferred revenue, loyalty programme liabilities, and outstanding chip liabilities. Meanwhile, other payables of S$55.5m were mostly related to goods and services taxes and levies.
The operator of Resorts World Sentosa posted an 85.5 per cent increase in net profit for full-year 2022, at SGD340.1m (US$254.6m). Revenue increased 61.7 per cent year-on-year to SGD1.73bn (US$1.294bn) due to an increase in business volume.
However, the group’s overall profit margin was impacted by higher utility tariffs, increased casino tax rates and accelerated depreciation on certain assets related to the renovation of one of its hotel properties and the expansion of Resorts World Sentosa.