Genting Singapore – controlled Malaysian billionaire Lim Kok Thay – said on Thursday its profit more than doubled in the third quarter amid a post-pandemic travel rebound as international events including the Formula 1 Grand Prix returned to normal. booming after a two-year hiatus.
Net profit soared to S$135.8 million ($98 million) in the three months to September from S$60.7 million a year ago, Genting said in its quarterly update. . Gaming revenue jumped 96% to S$382 million, while sales at Resorts World Sentosa (RWS) integrated casino and theme park more than doubled to S$137 million, it said. -he adds.
“RWS’ overall improvement in operational performance reflects the ongoing recovery in regional travel markets, but this recovery has yet to return to pre-pandemic levels,” the company said. “The rebound in gaming revenue has been led by more affluent and premium customers staying a bit longer.” As the company recovers from lows seen during the pandemic, Genting said it fully repaid its 20 billion yen ($141 million) Japanese unsecured bond last month.
Since Singapore fully reopened to international travelers in April, visitor numbers have increased to 1.5 million in the first six months of the year. At the current rate, the Singapore Tourism Board predicts that up to six million people could visit by the end of the year.
“We remain confident and excited about the growth opportunities in Singapore,” Genting said. To capitalize on these growth opportunities, the company revamped its attractions at Universal Studios, while at the same time renovating one of its hotels. RWS has also strengthened its senior management, with the recent appointment of Lam Yi Young as Deputy General Manager and Andrew MacDonald as Casino Manager.
Genting Singapore is one of many companies in gambling tycoon Lim’s vast global business empire. Lim, who also owns casinos in Malaysia, the UK, the US and the Bahamas, had a net worth of $2.1 billion, according to Forbes‘ real-time data.