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.

 

More news from this jurisdiction

SingaporeTuesday, Feb 13, 2018

Visitor arrivals and tourism receipts in Singapore reached a two-year record high in 2017, with strong flows observed China, India and Indonesia, according to the Singapore Tourism Board.

SingaporeMonday, Jan 22, 2018

Judges in Singapore will now have sentencing guidelines dealing with casino fraud after a new framework was set out by Chief Justice Sundaresh Menon.

SingaporeWednesday, Jan 03, 2018

A portion of the ceiling board collapsed during renovation works at the Resorts World Sentosa casino in Singapore on Tuesday morning, injuring four construction workers, local media reports.

SingaporeSunday, Nov 26, 2017

Casino entry levies paid by Singaporeans and permanent residents have fallen to their lowest levels since 2010, according to an annual report released by the Singapore Tote Board.

SingaporeTuesday, Nov 21, 2017

Seven clubs operating jackpot machines in Singapore have been given notice to wind down their operations by April next year.

SingaporeMonday, Nov 06, 2017

Singapore saw an increase in visitor arrivals and tourism spending in the first half of 2017, according to data from the Singapore Tourism Board.

SingaporeThursday, Oct 26, 2017

Marina Bay Sands (MBS) posted solid earnings in the third quarter of 2017, boosted by both mass and VIP revenue.