Genting Singapore's profit inches up 3% to $394.8m in H1

It eyes expansion in Japan amidst the country’s passage of a pro-casino law.

Genting Singapore’s profit rose 3% YoY to $394.8m in H1 2018 from $382.9m as revenue inched up 4% YoY to $1.23b from $1.18b, an announcement revealed.

For Q2, its revenue grew 6% YoY to $560.3m from $596m with net profit up 3% YoY to $177.6m from $172.7m. Meanwhile, earnings per share (EPS) jumped 24% YoY to $0.147 in Q2 2018 from $0.119.

The firm’s gaming revenue hit $913.6m in H1 which is up 4% YoY from $876.6m a year ago. On a quarterly basis, gaming revenue recorded an 8% YoY fall to $406.1m in Q2 2018 from $442.3m.

Also read: Genting Singapore Q1 profit up 20% to $217.19m

“Our signature attractions performed well during the second quarter of 2018 with average visitation exceeding 18,000 daily,” Genting Singapore said. They added that their hotels saw an average occupancy rate of over 91% in Q2.

Genting Singapore also mentioned that the anticipated Integrated Resorts (IR) Implementation Bill was enacted by the Japanese Diet on 20 July.

“The group has been gearing up for this expansion opportunity and has been hiring a new team of Japanese nationals in different disciplines to prepare for the bid,” the firm said.