Genting Singapore Q3 revenue and profit decline

Resorts World Sentosa (file)
Resorts World Sentosa (file)

Genting Singapore posted a decline in Q3 profit and revenue amidst what it described as a “confluence of events.”

Revenue fell 7 percent to $596.1 million, while adjusted EBITDA was $278 million, down 13 percent. Net profit declined 24 percent to $158.8 million. Gaming revenue was down 11 percent to $360.7 million, while non-gaming revenue rose 1 percent to $234 million. 

In a release to the Singapore Stock Exchange, Genting said it continued to be positive in attracting the affluent market from the region and leverage on the growing Asian economies. 

Average daily visitation to key attractions exceeded 23,000 and its hotels had an average occupancy rate of 94 percent. 

“Despite the modest growth outlook for Singapore and the weakness in the global economy, RWS continues to generate a steady stream of income for the group,” it said.

Genting also highlighted some of its future expansion plans, which were first announced in April after getting the greenlight from the government. Both Genting and Marina Bay Sands will invest $4.5 billion each on improving their facilities, including further gaming capacity. 

The company said planning is in progress and it expects to begin construction in the second half of next year. 

“Beginning with the Adventure Dining Playhouse which is scheduled to open late next year, visitors to RWS can look forward to an exciting lineup of new attractions and business venues unveiled every year over the next 5 years,” it said.

The group also provided an update on its push for a license in Japan, which it said remains a key focus for medium-term growth. It has offices in both Tokyo and Osaka and says it has been making extensive preparation works for the formal bidding process known as Request for Proposal (“RFP”) to be issued by cities. 

It said it has fully responded to Osaka’s Request-for-Concept (“RFC”) and is now preparing for Yokohama.