Genting Singapore reports 1Q22 net profit rose 17 percent

Entrance at Genting Singapore's Resorts World Singapore. Photo taken November 2021Entrance at Genting Singapore's Resorts World Singapore. Photo taken November 2021

Genting Singapore reported Thursday its first quarter net profit rose 17 percent on-year to S$40.38 million amid an increase in footfall at the Resorts World Sentosa integrated resort.

Revenue for the January-to-March period increased 13 percent on-year to S$314.54 million, the integrated casino-resort operator said in a filing to SGX.

Gaming revenue grew 8 percent on-year to S$234.48 million in the quarter, while non-gaming revenue increased 26 percent on-year to S$76.30 million, the filing said.

In its outlook, Genting Singapore was cautiously optimistic.

“While we are encouraged by the gradual increase in footfall to our integrated resort, Resorts World Sentosa (RWS), 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,” Genting Singapore said.

Genting Singapore noted it was positioning to capture rising demand, with construction works on Minion Land and the Singapore Oceanarium to begin in the second quarter.

In addition renovation works on the Festive Hotel and a facility upgrade to the Resorts World Convention Centre are to begin in the second half of 2022, the filing said.