Genting Singapore says it has already supplied RFI details to specific Japanese cities in the running to host an IR but is yet to determine which of these cities it will target.
The update formed part of the company’s 3Q18 results announcement, with revenue for the three months to 30 September 2018 up 1% to SG$639.1 million on the back of non-gaming growth.
Discussing its progress in pursuit of one of three IR licenses to be issued by the Japanese government in late 2019, Genting Singapore said, “We continue to work steadily towards the expected bidding process for IRs in the second half of 2019 following the establishment of the basic policy for developing IRs.
“Specific cities have shown interest in having an IR and we have responded to their requests for information, views and comments. Concurrently, we have also engaged in discussions with stakeholders to understand the environment and the localities where such cities are involved.”
Genting Singapore is expected to target one of the two IR licenses to be issued to major metropolitan areas, having earlier this year incorporated five new wholly-owned subsidiaries in Japan, specifically: Genting Japan Co Ltd, Genting Tokyo Co Ltd, Genting Osaka Co Ltd, Genting Yokohama Co Ltd and Resorts World Yokohama Co Ltd.
In the meantime, the company continues to enhance the attractions at its flagship property Resorts World Sentosa where a 9% increase in non-gaming revenue to SG192.8 million in 3Q18 offset a 1% decline in casino revenue to SG$445.4 million. Adjusted EBITDA held steady at SG$318.8 million although profit after tax increased by 25% to SG$210.4 million.
Revenue for the first nine months of the year combined is up 3% to SG$1.87 billion.
“The attractions business of Resorts World Sentosa achieved strong results [in3Q18], especially Universal Studios Singapore, S.E.A. Aquarium and Adventure Cove Waterpark,” Genting Singapore said in its earnings announcement. “During the quarter, we attained an average daily visitorship of over 22,000 and an increase in average visitor spend across all offerings.
“Our hotel business continued to outperform the industry with an average occupancy rate of over 97%. Our mass gaming business delivered stable performance. Our VIP rolling volume continued to grow and we remain prudent in our credit extension.
“With rising global uncertainties and intensifying competition within the region, we will look to sharpen our marketing focus on the regional premium mass customers by refreshing our facilities and products to enhance their gaming experience. Meanwhile, we will continue to pursue VIP rolling volume with measured credit risk appetite.”
RelatedPosts
