Genting Singapore Q3 net profit up 59% to S$216.3 million
Paige Lim
GENTING Singapore on Friday (Nov 10) posted a net profit of S$216.3 million for the third quarter ended September, up 59 per cent from S$135.8 million in the corresponding year-ago period.
Revenue was up 33 per cent to S$689.9 million for the quarter, from S$519.7 million a year ago. Of this, revenue from its gaming segment rose 20 per cent on the year to S$459.6 million, while non-gaming revenue jumped 68 per cent to S$230.1 million.
On a hold-normalised quarterly basis, gaming revenue improved 31 per cent quarter-on-quarter to S$715.2 million, exceeding pre-Covid levels in 2019 for both VIP and mass gaming segments, the group said in its quarterly business update.
Non-gaming revenue improved 22 per cent quarter-on-quarter to S$230.1 million, which the group attributed to increased foreign visitor arrivals and higher customer spend during the summer holiday season.
Genting also said that Resorts World Sentosa (RWS), which is wholly owned by the group, has “continued to benefit from the sustained recovery of travel and tourism”.
It announced that its board has approved a total investment of around S$6.8 billion to develop RWS further as a tourism destination. The investment will be funded through internal resources.
Its plans to develop a new waterfront complex at RWS – comprising 228,658 square feet of retail space, and 700 hotel rooms – has also received provisional permission from the government, with construction set to commence in 2024.
The group also gave updates on the status of three projects: the transformation of The Forum shopping area in RWS, the development of a new Minion Land attraction in Universal Studios Singapore, and the rebranding of SEA Aquarium to the Singapore Oceanarium. All three projects are “progressing well”, and are expected to soft-open in early 2025.
Shares of Genting closed at S$0.85, down S$0.015 or 1.7 per cent on Friday, before the results release.
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