Genting Singapore posts net profit of US$96.8m for Q3

Genting Singapore posts net profit of US$96.8m for Q3

The recovery of Resorts World Sentosa (RWS) continued in the third quarter.

Singapore.- Genting Singapore Ltd has shared its financial results for the third quarter of the year. It’s reported a net profit after taxation of nearly SGD135.8m (US$96.8m). The figure was up 123.6 per cent from the prior-year period and up 208.2 per cent quarter-on-quarter.

The group’s revenue was up 49 per cent sequentially and 106.6 per cent year-on-year to SGD519.7m. Gaming revenue rose 58.7 per cent sequentially and 96.2 per cent year-on-year. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was SGD249.4m, up 73 per cent quarter-on-quarter and SGD146.8m higher than Q3 last year. 

The casino operator said the improvement in RWS’ operating performance reflects the ongoing recovery of regional travel markets, but it has yet to return to pre-pandemic levels. The rebound in gaming revenue was led by more affluent and premium customers who are staying slightly longer. Singapore was one of the first countries in the region to relax Covid-19 measures. 

The company said the expansion of Resorts World Sentosa as part of the extension of its casino licence to 2030 was proceeding expeditiously as planned. It said it is working closely with professionals and government agencies.

The firm said the construction of Minion Land at Universal Studios Singapore is progressing well and the expansion site for the aquarium has been handed over to the appointed contractor to commence construction this month. 

It added: “Concurrently, infrastructure facilities required to support RWS 2.0 such as the district cooling plant and high tension electrical switch-rooms are being added and upgraded on-site. 

“The rebranding of the aquarium to the Singapore Oceanarium is going at full speed. This transformation includes the establishment of the Research and Learning Centre and the preparation of an expertly curated immersive exhibition of marine animals.”

Genting Singapore said it had fully redeemed its JPY20bn unsecured and unsubordinated Japanese Yen-denominated bonds in Japan. 

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