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VIP drives improved Genting Singapore 3Q17 results

Tuesday, 07 November 2017 04:16
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Improved performance in the VIP and premium mass segments saw Genting Singapore’s revenue grow 8% year-on-year for the three months to 30 September 2017 to SG$629.9 million.

Casino revenue from the group’s Resorts World Sentosa property comprised the majority of the revenue growth, increasing 11% to SG$452.1 million, while non-gaming revenue grew 2% to SG$177.1 million. VIP came in above estimates, with a hold rate of 3.1% contributing to Adjusted EBITDA of SG$320 million – up 37% year-on-year and 9% sequentially.

While it was VIP driving Genting Singapore’s results, the company nevertheless stated its intention to reposition itself as a “lifestyle brand,” noting that, “The attractions business performed well with higher visitor spend and a 5% growth in the daily average visitorship that exceeded 21,000.

“RWS is committed to ensuring its integrated resort is well positioned to cater to the evolving needs of vacation destination seekers from our key regional source markets,” it said.

“During the quarter, RWS debuted a series of lifestyle events, including “RWS Street Eats” featuring 20 iconic street eats from Southeast Asia and “The Great Food Festival,” Singapore’s largest curated food and lifestyle event led by 30 international celebrity chefs. These events have collectively attracted almost 170,000 visitors, which is testimony that our approach to re-position RWS as a lifestyle brand is working.

“Looking ahead, this re-positioning will broaden our appeal to attract premium customers.”

Genting Singapore also announced group revenue for the first nine months of the year of SG$1.8 billion, an increase of 9% on the corresponding period last year. Adjusted EBITDA improved 64% driven by higher revenue, reduction in impairment on trade receivables and improvement in operating margins arising from cost efficiency initiatives.

The period also included a one-off gain of SG$96.3 million on disposal of the group’s interest in Korean integrated resort Resorts World Jeju, now known as Jeju Shinhwa World, which helped net profit soar 182% to SG$551.6 million.

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