Genting Singapore revealed its first quarter 2022 financial outcomes, with both earnings and net profit increasing year-over-year after Singapore relaxed some of its COVID-19 restrictions.
Genting Singapore’s initial quarter earnings and net profit climbed.
For the initial three months ending March 31, 2022, total earnings were S$314.5 million (£184.7 million/€216.7 million/$225.6 million), up 20.5% from S$261 million in the same period the previous year.
The Singapore integrated resort’s gambling earnings rose 8.1% to S$234.5 million, while non-gambling earnings at the location increased 25.7% to S$76.3 million.
Furthermore, the operator’s other earnings from investment operations, hotels and support services expanded 931.8% year-over-year to S$3.8 million.
Genting Singapore did not disclose its complete financial figures for the period, but it did note that adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 2.5% to S$124.8 million, primarily due to increased utility costs and the expiration of COVID-19 government assistance measures.
The Singapore integrated resort’s EBITDA declined 3.3% to S$130.6 million, while investment operations, other hotels and support services lost S$5.7 million in the quarter, although this was less than the S$7 million loss a year earlier.
Financial investments, stock option bonuses, and other expenditures led to a net currency exchange deficit of $2 million, resulting in an EBITDA of $121.7 million, representing a 3.1% year-over-year rise. Meanwhile, net earnings after taxes climbed 17.1% to $40.4 million.
“We are cautiously hopeful about the recovery path as Singapore reopened its international borders to fully vaccinated travelers from around the globe on April 1, 2022, and further eased COVID-19 related limitations,” stated Ong Kim Huat, Company Secretary.
“Although we are encouraged by the gradual rise in visitor numbers at Resorts World Sentosa integrated resort, we anticipate the recovery of leisure travel to be restricted by limited flight schedules, high airfares, and travel limitations for visitors from specific nations.”
“We will continue to take advantage of opportunities to refresh and develop new visitor offerings to emerge strongly from the pandemic and capture any increase in demand.”
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