Genting Singapore Q3 net profit rises 19% to S$94.6 million amid higher VIP volume, win rate

[SINGAPORE] Genting Singapore posted a 19 per cent year-on-year increase in net profit to S$94.6 million for the third quarter ended Sep 30, with improved VIP rolling volume and win rate contributing a significant rise to its revenue.

Revenue stood at S$649.8 million, up 16 per cent from the S$561.9 million posted for the year-ago period, said the group in a quarterly business overview filed on the Singapore Exchange on Thursday (Nov 6).

Gaming revenue rose 22 per cent to 402.3 million in Q3, from S$330 million previously; Genting Singapore attributed this to improved VIP rolling volume and win rate.

Non-gaming revenue, meanwhile, improved 7 per cent year on year to S$247.3 million from S$231.8 million.

Genting Singapore last month appointed a new chief operating officer of its wholly owned subsidiary Resorts World Sentosa; Si Chen will assume the role from Dec 1, filling a position that has been vacant for three years.

The integrated resort owner said that the move reflected its “continued focus on leadership renewal and sustained operational performance” as the resort transforms under RWS 2.0.

Genting Singapore shares were unchanged at S$0.73 on Thursday, before the overview was released.

A fortnight ago, another integrated resort and casino operator in Singapore, Marina Bay Sands (MBS), posted a record set of results, with profits just under S$1 billion for Q3. Its revenue jumped 56.3 per cent year on year to US$1.44 billion.

MBS’ casino was the main contributor to revenue. At US$1.08 billion, casino revenue was 79.5 per cent higher than a year earlier. For the gaming segment, rolling chip volume stood at US$9.07 billion, up 38.3 per cent from US$6.56 billion in the year-ago period.

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MBS’ revenue from its rooms was US$154 million, up 23.2 per cent year on year from US$125 million. Occupancy stood at 95.5 per cent in Q3, 0.8 percentage point higher than the 94.7 per cent a year earlier.