Genting Singapore Q1 profit up 20% to $217.19m

Its gaming revenue was boosted by its mass and premium mass businesses.

Genting Singapore’s profit for the first quarter of 2018 jumped 20% from $181.1m last year to $217.19m. Revenue grew 15% to $675.11m.

According to its financial statement, gaming revenue for its Singapore integrated resorts (IR) went up 17% to $507.43m. “The ongoing strategy to focus on affluent regional business proved to be effective as the mass and premium mass business continued to deliver encouraging results. The Lunar New Year period saw bustling VIP rolling volume, notwithstanding a calibrated credit risk model,” the firm commented.

Meanwhile, non-gaming revenue climbed 10% to $167.11m. Visitation exceeded 18,000 across the attractions. “Our attractions business, in particular, Universal Studios Singapore and S.E.A. Aquarium experienced higher visitorship and an increased average spend, as compared to the same period last year,” the company said.

Its hotels achieved an occupancy rate of 94%.

Genting Singapore also shared the progress of its acquisition of an Osaka casino. The company noted that the IR Implementation Bill has been submitted to the Japan Diet for debate on 27 April, and debate on this bill will commence within the appropriate time frame this year.

“The progress for the establishment of IRs in Japan has been very encouraging. We are excited at this opportunity to be a partner for the development of the tourism industry in Japan. In this regard, we are actively preparing for the ensuing bidding exercise by the respective government authorities,” it said.