Genting Singapore H1 profit more than trebles on improved visitor arrivals
Yong Jun Yuan
GENTING Singapore posted a net profit of S$276.7 million for the six months ended Jun 30, 2023, more than three times the S$84.4 million in earnings in the same period a year ago.
This came on the back of a 62.9 per cent increase in revenue to S$1.1 billion over the same period, from S$663.1 million a year ago.
In a bourse filing on Thursday (Aug 10), the company attributed the better performance to a higher number of foreign visitor arrivals into Singapore, even as limited air capacity from certain regional countries and higher airfares impacted leisure travel.
At the property level, Genting Singapore noted that Resorts World Sentosa (RWS) delivered 37 per cent higher adjusted earnings before interest, tax, depreciation and amortisation of S$268.4 million quarter on quarter in the second quarter of 2023.
“The better performance was a result of the rebound in non-gaming business, a higher-than-theoretical VIP win rate and recovery in regional gaming business,” the company said. It also said that on a hold-normalised basis, gross gaming revenue rose 3 per cent quarter on quarter to S$547.9 million, near pre-pandemic levels in 2019.
“Non-gaming revenue improved 31 per cent quarter on quarter to S$188.7 million due to improved attractions’ attendance and spend per customer, driven by intensified marketing and promotional efforts,” the company added.
An interim dividend of S$0.015 per share was declared for the half year ended Jun 30, 2023, up from the S$0.01 per share dividend declared for the same period a year ago. It will be paid out on Sep 22, 2023.
As for its outlook, the company said that it is targeting to begin construction on areas such as the new Waterfront building, Equarius Hotel extension and the new Health and Wellness Centre in 2024, following government approvals.
Meanwhile, in a separate bourse filing, RWS announced the appointment of Lee Shi Ruh as president of RWS from Sep 1, 2023.
Lee will report to RWS chairman and chief executive Tan Hee Teck and assist him in overseeing operations, managing RWS’ financial affairs, as well as shaping and developing RWS’ people and culture strategy. She has close to 30 years of experience in the leisure and gaming industry, and has served as Genting Singapore’s chief financial officer as well as RWS’ chief people officer.
Genting Singapore shares closed flat at S$0.92 on Thursday, before the filings were made.
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