Genting Singapore has reported 24% year-on-year revenue growth and a 152% increase in Adjusted EBITDA for the three months to 30 June 2017, with the results attributed to improved operating margin and a higher rolling win percentage in its VIP business.
Revenue for the quarter was SG$596.1 million, up from SG$480.9 million 12 months earlier, pushing combined revenue for the first six months of 2017 to SG$1.18 billion, while Adjusted EBITDA for 2Q17 was SG$292.7 million. Adjusted EBITDA for the first half of the year rose 85% year-on-year to SG$576.0 million.
The group achieved net profit of SG$172.7 million for Q2, up 816.2% year-on-year, and SG$382.9 million for the first six months, up 548%, arising from the improved performance of Resorts World Sentosa (RWS). Net profit was aided by a gain on disposal of SG$96.3 million from Genting Singapore’s interest in Korean integrated resort, Resorts World Jeju, which it sold earlier this year.
In a filing to the Singapore Exchange, Genting Singapore said it was reaping the benefits of an ongoing focus on greater customer experience at its Resorts World Sentosa property.
“Following the execution of a more measured credit policy, the impairment of receivables has been reduced significantly,” it said. “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.”
The company also reaffirmed its intention to bid for a Japan IR license with Osaka or Yokohama in its sights, stating, “We are closely following the progress of the Japan IR Execution Bill, which will pave the way for the formal bidding process of the Japan gaming licenses.”
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