Genting Bhd., Asia’s third-biggest casino operator by market value, said second-quarter profit more than tripled, bolstered by revenue from its new gambling resort in Singapore.

Net income rose to 739.2 million ringgit ($318.6 million), or 20 sen a share, from 214.5 million ringgit, or 5.8 sen, a year earlier, the Kuala Lumpur-based company said in a statement today. Revenue almost doubled to 4.1 billion ringgit.

 

Genting is benefiting from its overseas expansion after it opened in February the US$4.7 billion ($6.37 billion) Resorts World Sentosa, Singapore’s first casino which features Southeast Asia’s only Universal Studios theme park. Its Genting Malaysia Bhd. unit is also seeking to develop and operate a video lottery facility at the Aqueduct horse racing track outside New York City.

 

“Resorts World Sentosa’s business showed resilience and its business model displayed impressive strength,” Genting said in the statement. “Resorts World Sentosa will continue to make improvements to its attractions, facilities and infrastructure to meet the expectations of its valued guests.”

 

Unit Genting Singapore Plc, now Asia’s biggest casino operator by market value, reported second-quarter profit of $396.5 million on Aug. 12, compared with a loss a year earlier. Singapore overturned a 40-year ban on casinos in 2005 to spur economic growth.

 

While the group’s U.K. operations saw increased business in the quarter, a weaker sterling meant lower casino revenue in ringgit terms, Genting said.

 

Genting, which also operates Malaysia’s only casino, rose 0.1% to close at a three-year high of 9.00 ringgit in Kuala Lumpur trading before the results were reported. The stock has climbed 23% this year, outpacing the FTSE Bursa Malaysia KLCI Index’s 11% gain.

 

Its stock rating was raised to “outperform” from “underperform” to reflect the earnings potential of the company’s Singapore unit, Credit Suisse Group AG analyst Foong Wai Loke wrote in an Aug. 25 report. Credit Suisse increased its share price estimate to 10.65 ringgit from 6 ringgit.

 

Genting New York LLC’s bid to redevelop Aqueduct Racetrack and operate New York City’s first slot machine-style “racino” was approved by two more state political leaders on Aug. 17, moving the decision to final regulatory review.

 

Genting is “aggressively” seeking U.S. gaming investments, Justin Leong, head of strategic investments and corporate affairs at parent Genting Bhd., said in a June interview in New York.

 

The group has expanded into businesses that include power generation and palm oil to cushion swings in casino takings.

 

Its plantations division recorded improved revenue in the second quarter on higher prices of palm products and increased fresh fruit bunch production, Genting said. Sales in the energy division fell because of lower electricity generation from its Meizhou Wan power plant in China, it said.