Genting Singapore first-half profit more than triples on improved visitor arrivals

SINGAPORE - Genting Singapore posted a net profit of $276.7 million for the six months ended June 30, more than three times the $84.4 million in earnings in the same period a year ago.

In a bourse filing on Thursday, the company attributed the better performance to a higher number of foreign visitor arrivals into Singapore, even as limited air capacity from certain regional countries and higher airfares impacted leisure travel. “The better performance was a result of the rebound in non-gaming business, a higher-than-theoretical VIP win rate and recovery in regional gaming business,” the company said. It also said that on a hold-normalised basis, gross gaming revenue rose 3 per cent quarter on quarter to $547.9 million, near pre-pandemic levels in 2019.

An interim dividend of 1.5 cents per share was declared for the half year, up from the one cent per share dividend declared for the same period a year ago. It will be paid out on Sept 22.

Source: News Formal (newsformal.com)

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