GEN Singapore 1H profit of US$206 mln, appointed RWS chairman

Singapore Resorts World Sentosa Casino Complex (RWS) reported first-half net income of S$276.7 million ($250.6 million), up 227.7% from a year earlier.

On Thursday, Genting Singapore Inc said it had also offered the Singapore Exchange an interim dividend of a first phase tax exemption of S$0.015 per common share to be paid on Sept. 22.

In other news provided Thursday, Genting Singapore said Isiru will be appointed president of Resorts World Sentosa, effective Sept. 1. She will oversee the daily operations and report directly to Tan Hui Tek, the property’s chairman and chief executive.

Her previous experience includes being the chief financial officer of Genting Singapore. Most recently, she was the chief human resources officer of Resorts World Sentosa.

Genting Singapore’s full-year revenue rose 62.9% year-on-year to S$1.08 billion, the company said.

Sales costs for the six months to June 30 increased 46.3% year-on-year to S$677.2 million.

Adjusted earnings (EBITDA) for the first half of the year before interest, taxes, depreciation and amortization rose 68.4% year-on-year to S$452.5 million.

Resorts World Centosa reported adjusted EBITDA of $268.4 million in the second quarter of 2023, an improvement of 37% from the previous quarter, the promoter said.

The improvement in EBITDA performance was “a result of a rebound in the non-gaming business, a theoretical VIP win rate and a recovery in the local gaming business,” the company said.

Game sales in the first half of 2023 increased 57.2% year-on-year to S$746.9 million.

In a commentary on its first-half earnings, the company said, “Entry by foreign visitors entering Singapore continued to improve. However, limited air capacity and higher airfares in certain regional countries affected leisure travel.”

Non-gaming revenue in the first half rose 84.9% year-on-year to S$326.9 million. The company also said it was up about 31% quarter-on-quarter in the first half.

This is due to “improved attendance at resort attractions” and “increased spending per customer due to enhanced marketing and public relations efforts,” Genting Singapore noted.

As of June 30, 2023, the Group’s total accounts receivable amounted to S$227 million, mostly “related to casino debtors.” As of the same day, Genting Singapore’s allowance for impairment losses on accounts receivables was just shy of S$150.6 million.

The group has also offered some views on improving the resort’s World Sentosa’s infrastructure, including a commitment to the Singapore government to invest S$4.5 billion in the expansion, commonly referred to as “RWS 2.0.”

Genting Singapore referred to the already mentioned overhaul of The Forum shopping area, which is characterized as part of “RWS 1.5.”

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