Operator News
Singapore – Steady VIP sector gives Genting Singapore third quarter of growth
By Phil - 3 August 2017
Genting Singapore has reported a 24 per cent year-on-year increase in second quarter revenue to $596.1m, giving it three sequential quarters of growth.
It said the increase was attributable to higher rolling win percentage in the premium player business. EBITDA came in at $292.7m, representing a 152 per cent increase.
The company stated: “We continue to drive strategy to focus on better margin business and maintain lower impairment of receivables. For the quarter ended 30 June 2017, our attractions business achieved daily average visitations exceeding 19,000 with our hotel segment accomplishing an occupancy rate of over 95 per cent. Resorts World Sentosa continues to be the leader in Singapore’s tourism industry, accounting for 36 per cent of international visitor arrivals to Singapore in the first four months of 2017.
“Underpinned by steady regional markets, visitorship to RWS remained strong. Our attraction offerings are a strong anchor for tourists and Universal Studios Singapore was voted as the number one amusement park in Asia for the fourth consecutive year by TripAdvisor’s Travellers’ Choice,” it added. “In the gaming business segment, we delivered steady earnings as the VIP business remains stable. Following the execution of a more measured credit policy, the impairment of receivables has been reduced significantly. With this as a backdrop, RWS delivered an excellent set of results for this quarter. To further broaden RWS’ appeal as the lifestyle destination, RWS is preparing a five-year strategic roadmap that will significantly enhance our destination appeal in the targeted market segments as well as adopting innovative technology to drive productivity, efficiency and customer experience.”
For the first half of 2017, the Group recorded revenue of $1,182.6m, up nine per cent as compared to the same period for the preceding financial year. Adjusted EBITDA grew significantly year on-year at 85 per cent to $576m contributed by higher revenue, lower impairment of receivables and the cost efficiency arising from the initiatives implemented since 2016. The Group achieved net profit of $382.9m arising from the improved performance of the Singapore IR, aided by the gain on disposal of its interest in an integrated resort in Korea.
