Genting Singapore reports 24 pct rise in net profit

Casino operator Genting Singapore reported a 24 percent increase in net profit for the third quarter of 2017, attributed in part to increased gaming revenues.

Net profit for the financial period reached S$168.7 million (US$123.7 million), while revenue increased 8 percent to S$629.9 million. EBITDA reached S$276.1 million, an increase of 18 percent, beating estimates.

Genting said its gaming business showed steady growth in the quarter, with VIP clocking a “respectable” increase in volume.

The company said its mass gaming business delivered stable performance as a result of an expanded premium mass business, and year-on-year growth in electronic gaming machine performance.

Bernstein analysts however noted that while GGR came above expectations, total Mass GGR came below estimates and business mix deteriorated towards VIP.

Genting also added that its non-gaming business delivered year-on-year and quarter-on-quarter improvement, due to growth in international visitor arrivals to Singapore.

Occupancy rate was 93 percent in the quarter.

 

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