Genting Singapore profits increase by 86%

Genting Singapore has posted an 86 per cent increase in profit for 2022, totalling SG$345.06m (US$258.32m), as Resorts World Sentosa saw strong rebounds during the second half of the year.

Gaming revenue at the property during the 2H22 rose to SG$753.67m ($550.73m), more than double the figure registered during the same period of 2021.

Gaming revenue for the property for 2022 rose 53 per cent to SG$1.22bn ($919.94m), the largest contributor to the property’s annual revenue, which topped out at SG$1.72bn ($1.29bn) – up 62 per cent yearly.

The flagship property also saw particularly strong gains during the second half of the year, more than doubling to SG$307.84m ($230.45m), contributing to a 90 per cent annual rise in revenue, topping SG$490.81m ($367.42m).

The group’s adjusted EBITDA, unsurprisingly, also more than doubled in the second half, amounting to SG$505.42m ($378.36m), driving a 54 per cent yearly increase to SG$774.15m ($579.54m).

Net profit after taxation totalled SG$340.1m ($254.6m), up 85 per cent yearly, mostly due to the $255.66m ($191.39m) contribution during 2H22.

The group also renewed its casino licence for Resorts World Sentosa in February of 2022, seeing an increase in casino tax rates.

While the operator notes that the return of international visitation to Resorts World Sentosa – one of only two integrated resorts licensed to operate in the city (the other being Marina Bay Sands) – resulted in it “outperforming significantly over the pandemic years,” the group still warns that “flight capacity and economic uncertainties will moderate the pace of recovery.”

The group notes that it is “cautiously optimistic for a full recovery in the medium term,” noting that its expansion plans are ongoing and require significant further investment.

The renovation works on its Festive Hotel are expected to be finalized and the property is now slated to be re-launched in May of this year, adding some 389 hotel rooms to the flagship property’s hotel inventory.

The group is now focusing its efforts entirely on Singapore, with another Monday release notifying that it had dissolved its Japan-facing operations, including one wholly-owned subsidiary, Genting International Japan Co, as well as seven other indirect subsidiaries, including companies in Osaka and Yokohama.

Source: Asia Gaming Brief