{"id":777002580,"date":"2023-02-20T13:53:40","date_gmt":"2023-02-20T16:53:40","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002580"},"modified":"2026-04-23T00:28:36","modified_gmt":"2026-04-23T03:28:36","slug":"genting-singapore-posts-annual-net-profit-of-us254-6m-in-2022","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-singapore-posts-annual-net-profit-of-us254-6m-in-2022","title":{"rendered":"Genting Singapore posts annual net profit of US$254.6m in 2022"},"content":{"rendered":"\n

Revenue increased 61.7 per cent on year-on-year terms.<\/p>\n\n\n\n\n\n\n\n

Singapore.- Genting Singapore Ltd<\/strong> has reported an 85.5 per cent increase in net profit for full-year 2022, at SGD340.1m (US$254.6m). The casino operator reported that revenue increased 61.7 per cent<\/strong> year-on-year to SGD1.73bn (US$1.294bn) due to an increase in business volume. <\/p>\n\n\n\n

The group\u2019s cost of sales rose 51.7 per cent to SGD1.12bn. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was SGD774.2m (US$579.5m), compared to SGD448m in 2021. <\/p>\n\n\n\n

However, the group\u2019s 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<\/a>. <\/p>\n\n\n\n

Group-wide revenue in the six months to December 31 was SGD1.06bn, compared to SGD663.1m in the first six months, while second-half gaming revenue rose 58.6 per cent from the first half<\/a> to SGD753.7m. Adjusted EBITDA in the second half stood at SGD505.4m, compared to SGD268.7m in the first six months.<\/p>\n\n\n\n

The firm said it is cautiously optimistic of a full recovery in the medium term <\/strong>as flight capacity and economic uncertainties could moderate the pace of recovery.<\/p>\n\n\n\n

Morgan Stanley Asia Ltd<\/a> has recently predicted that Singapore\u2019s GGR may reach US$4.4bn<\/strong> in 2023 and US$5.2bn in 2024. That compares to a peak of US$4.6bn in 2018. It believes that as more affluent Asians head to Singapore, the country\u2019s GGR could surpass its previous peak in 2024 and 2025, with mass and slot revenue contributing more.<\/p>\n\n\n\n

See also:<\/strong> Singapore may welcome up to 14m visitors in 2023, government say<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

Revenue increased 61.7 per cent on year-on-year terms.<\/p>\n","protected":false},"author":176,"featured_media":25660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Singapore Ltd reported an 85.5% increase in net profit for full-year 2022, reaching SGD340.1m, with revenue up 61.7% to SGD1.73bn driven by increased business volume. Despite higher utility tariffs and casino tax rates impacting margins, the operator is cautiously optimistic for a medium-term recovery, aligning with Morgan Stanley's GGR predictions for Singapore to surpass previous peaks by 2024\/2025.","focusai_entities":"Genting Singapore Ltd, Morgan Stanley Asia Ltd, Resorts World Sentosa","focusai_location":"Singapore","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.9), investor_analyst (0.98), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact of Tax Rates?","query":"What specific adjustments to Genting Singapore's operational strategy are being considered to mitigate the impact of increased casino tax rates on future profitability and NGR?"},{"label":"GGR Growth Drivers?","query":"Beyond general flight capacity recovery, what specific market segmentation and product enhancements are projected to drive the anticipated mass and slot revenue growth in Singapore's GGR to surpass 2018 peaks?"}],"footnotes":""},"categories":[163,16333],"tags":[23687],"class_list":["post-777002580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-singapore"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002580"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002580\/revisions"}],"predecessor-version":[{"id":777002602,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002580\/revisions\/777002602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25660"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}