Genting Singapore open to UAE casino resort collaboration

Genting Singapore’s executive chairman has expressed interest in collaborating on a UAE casino resort project.

Singapore.- Lim Kok Thay, the executive chairman of Genting Singapore, has said the company would be interested in collaboration on a casino resort in the United Arab Emirates but noted that an international tender for a casino-only development was unlikely.

Asked at the company’s annual general meeting if the Singapore government would have an influence on its expansion strategy, Kok Thay said: “It is to be expected that the company’s decisions on foreign ventures will be subjected to scrutiny and review, and may be impacted by the need for partners to meet Singapore regulatory standards for probity.”

Last September, the UAE government formed the General Commercial Gaming Regulatory Authority (GCGRA) that will govern commercial gaming and lotteries. The government named Kevin Mullally as the GCGRA’s chief executive. Other appointments include former MGM Resorts International general director Jim Murren as chair.

Genting Singapore posts revenue of US$580m for Q1

Genting Singapore’s Q1 revenue was SG$784.4m (US$580m), up 62 per cent in year-on-year terms and up 21 per cent when compared to the previous quarter. The company posted gaming revenue of SG$576m (US$425.6m), up 69 per cent year-on-year and up 31 per cent sequentially. Non-gaming revenue was SG$208.3m (US$154m), up 44 per cent year-on-year and up 1 per cent quarter-on-quarter.

Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) were SG$369.5m (US$273m), up 93 per cent year-on-year and 62 per cent sequentially. Net profit was SG$247.4m (US$183m).