Genting Singapore Q3 profits up 25% to $210.41m

Average daily visitors hit over 22,000 thanks to the stronger performance of its attractions.

Genting Singapore popped the champagne for the third quarter of 2018 as profits jumped 25% to $210.41m from $168.69m in the same period last year. Revenue grew 1% to $639.06m from $629.87m.

According to its financial statement, average daily visitorship hit over 22,000 whilst visitor spend grew across all its offerings. The company cited strong results in the attractions business of Resorts World Sentosa (RWS), especially Universal Studios Singapore, S.E.A. Aquarium, and Adventure Cove Waterpark.

However, the company cited the presence of rising global uncertainties and intensifying competition within the region. It added, “We will look to sharpen our marketing focus on the regional premium mass customers by refreshing our facilities and products to enhance their gaming experience. Meanwhile, we will continue to pursue VIP rolling volume with measured credit risk appetite.”

Genting Singapore is one of the companies aggressively working towards securing a slot in Japan’s proposed Integrated Resorts (IR).

“Specific cities have shown interest in having an IR and we have responded to their requests for information, views and comments. Concurrently, we have also engaged in discussions with stakeholders to understand the environment and the localities where such cities are involved,” it added.

Genting Singapore did not declare a dividend for this period. 

Visit Singapore Business Review website for other stories.

Your rating: MagBe