CFA Society Singapore
SINGAPORE (Nov 9): Genting Singapore reported a 46% rise in 3Q18 earnings to $210.4 million from $143.8 million a year ago on lower operating expenses.
Revenue for 3Q18 rose 1% to $639.1 million from a year ago as the group’s revenue continued to grow.
Genting Singapore says the attractions business of Resorts World Sentosa (RWS) achieved strong results especially Universal Studios Singapore, S.E.A. Aquarium and Adventure Cove Waterpark.
During the quarter, Genting Singapore says it attained an average daily visitorship of over 22,000 and an increase in average visitor spend across all offerings.
Its hotel business continued to outperform the industry with an average occupancy rate of over 97%. Our mass gaming business delivered stable performance.
VIP rolling volume continued to grow with Genting Singapore remains prudent in its credit extension.
Other operating expenses fell 97% to $1.2 million from nearly $40 million although admin, selling and distribution expenses rose.
Other operating income rose 17% to $22.3 million.
As a result, operating profit rose 17% to $265.1 million.
In its outlook, Genting Singapore says it will look to sharpen its marketing focus on the regional premium mass customers by refreshing its facilities and products to enhance their gaming experience given rising global uncertainties and intensifying competition within the region.
Meanwhile, the casino operator will continue to pursue VIP rolling volume with measured credit risk appetite. On the Japan front, it will continue to work steadily towards the expected bidding process for Integrated Resorts (IRs) in the second half of 2019.
Year to date, shares in Genting Singapore are down 28% to 95 cents on Friday.