Revenue and net profit up at Genting Singapore in Q1

Casino operator Genting Singapore reported a year-on-year increase in revenue and net profit for the first quarter of its 2022 financial year, following the easing of certain novel coronavirus (Covid-19) restrictions in the country.

Overall revenue for the three months through to 31 March 2022 amounted to S$314.5m (£184.7m/€216.7m/US$225.6m), up 20.5% from $261.0m last year.

Revenue from gaming operations at the Singapore integrated resort was up by 8.1% to $234.5m, while non-gaming revenue at the venue increased 25.7% to $76.3m.

In addition, other revenue from the operator’s investment business, hospitality and support services rocketed by 931.8% year-on-year to $3.8m.

Genting Singapore did not disclose its full financial figures for the period, but it did note that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) slipped 2.5% to $124.8m, mainly due to a rise in utilities expenses and the expiry of Covid-19 government support measures.

EBITDA from the Singapore integrated resort fell 3.3% to $130.6m, while the investment business, other hospitality and support services posted a loss of $5.7m for the quarter, though this was a shorter loss then $7.0m last year.

When also accounting for $3.2m in net exchange loss relating to investments, share-based payment and other expenses, this left $121.7m in EBITDA, up by 3.1% year-on-year, while net profit after tax was 17.1% higher at $40.4m.

“With Singapore reopening its international borders to fully vaccinated travellers from 1 April 2022 and further relaxation of Covid-19 related regulations, we are cautiously optimistic of the recovery trajectory,” company secretary Ong Jinq Her said.

“While we are encouraged by the gradual increase in footfall to our integrated resort, Resorts World Sentosa, we anticipate that the pace of recovery in leisure travel will be moderated by the limited flight schedules, high airfares and ongoing travel restrictions on visitors from certain countries.

“We continue to harness opportunities to refresh and build new visitor offerings to emerge stronger from the pandemic and capture any upswing in demand.”