Genting Singapore posts revenue of US$507.1m for Q3

Revenue was up 15.8 per cent in quarter-on-quarter terms.

Singapore.- Genting Singapore has shared its financial results for the third quarter. Revenue totalled SG$690.0m (US$507.1m), marking a 15.8 per cent increase from the preceding quarter and a 32.7 per cent rise year-on-year. 

The casino operator reported a net profit after taxation of nearly SG$216.3m for the three months ending September 30. That’s a rise of 46.7 per cent when compared to the previous quarter and 59.3 per cent when compared to the same period last year.

Genting Singapore reported gaming revenue of just under SG$459.6m for the April to September period, a 12.9 per cent increase from the previous quarter and a 20.3 per cent rise compared to the same period a year ago. 

The company highlighted a hold-normalized gross gaming revenue (GGR) improvement of 31 per cent quarter-on-quarter to SG$715.2m, surpassing pre-pandemic levels for both VIP and mass gaming segments in 2019. 

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the third quarter were SG$345.4m, up 32.5 per cent quarter-on-quarter. When compared to the previous year, this was an increase of 38.5 per cent.

The company also announced that its board had approved an investment of SG$6.8bn to upgrade and expand Resorts World Sentosa (RWS). The initiative, referred to as “RWS 2.0,” includes funds already spent and additional investments slated over the next eight years. The company said it aims to solidify RWS as a premier tourism destination in Asia.

See also: Genting Singapore to generate US$1bn in operating cash flow to 2024