SINGAPORE (May 10): Genting Singapore reported a 20% rise in 1Q18 earnings to $217.2 million from $181.1 million in 1Q17.
Revenue for the first quarter ended March came in at $675.1 million, 15% higher than $586.6 million in the previous year.
Revenue from the gaming division of Resorts World Sentosa saw a 17% increase y-o-y to $505.4 million. The ongoing strategy to focus on affluent regional business proved to be effective as the mass and premium mass business continued to deliver encouraging results. The Lunar New Year period saw bustling VIP rolling volume, notwithstanding a calibrated credit risk model.
The non-gaming division saw a 10% increase y-o-y in revenue to $167.1 million, with daily average visitation exceeding 18,000 across the attractions.
Revenue from the Others division saw a 28% y-o-y drop to $0.57 million.
As cost of sales only increased by 2% y-o-y to $331.8 million, gross profit for FY18 came in at $343.3 million, representing a 32% increase from $260.9 million a year ago.
Other operating income dropped 86% to $16.9 million from $117.4 million last year.
Other operating expenses declined by 63% to $23.4 million compared to $63.5 million the same period in the previous year.
In a filing on SGX, the group says, “As Asia’s most successful premium lifestyle destination resort, Resorts World Sentosa continues to attract premium visitors through a combination of unique and innovative lifestyle events.”
Looking forward, the group will be premiering Super Mommy, a Taiwanese theatrical production, as well as organising Football Fever in conjunction with World Cup 2018.
Shares in Genting Singapore closed at $1.16 on Thursday.
