Integrated resort operator Genting Singapore reported a 220 percent increase in its net profit after taxation to SGD129 million ($97 million) for the first quarter ended Mar 31, 2023, from SGD40.4 million ($30.3 million) in the same period one year ago.

Genting Singapore confirms it is fully out of the race for a potential IR in Japan, noting in a pre-AGM release that the company ‘previously pursued a bid to develop an integrated resort in Yokohama City, but this was discontinued when Yokohama City decided to cancel the […] integrated resort bid process’.

The head of casino operator Genting Singapore Ltd, Lim Kok Thay, notes that the firm is expecting “continued recovery of travel and tourism”, mentioning that the “recovery pace may be inconsistent due to international flight capacities and unexpected border measures. Further, economic uncertainties and inflationary pressure as well as manpower challenges emerge as areas of concern”.

Genting Singapore says that “significant increases” in the company’s liabilities from 2021 to 2022 are “in line with the increase” in revenue, as travel recovery gained momentum in the second half of 2022.

Singapore, lovely Singapore. The merlion city cemented its Asian gaming crown in 2022, with Resorts World Sentosa seeing massive upticks in gaming revenue, leading the group to a stunning $258 million profit.

Genting Singapore has posted an 86 percent increase in profit for 2022, totaling SG$345.06 million ($258.32 million), as Resorts World Sentosa saw strong rebounds during the second half of the year.

Ratings agency Moody’s has changed its outlook on Genting Berhad and Genting Singapore, shifting the rating to stable from negative.

Good news across the board (except Macau) in quarterly results, with Genting Singapore seeing a 123 percent yearly increase in profit, as Resorts World Sentosa registered $275.9 million in gross gaming revenue in 3Q22, led by 'affluent' customers - a segment it plans to focus more on.

Genting Singapore’s third quarter results showed a sharp rebound in net profit, up 123.64 percent annually and 208.18 percent quarterly, reaching some SG$135.76 million ($98.06 million).

With signs of post-pandemic recovery, Genting Singapore Ltd’s third quarter numbers for fiscal 2022 are expected to improve with the credit pack of the company to remain strongly anchored, said Moody’s in its latest report.