Genting Singapore’s 3Q earnings double to S$137 mil

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SINGAPORE (Nov 3): Genting Singapore’s 3Q earnings doubled to S$136.6 million from a year ago.

Revenue fell 9% to S$581.5 million but costs of sales fell a steeper 18% to S$367 million.

Revenue from Resorts World Sentosa (RWS) fell 9% to S$581.5 million, dragged down by a 10% drop in gaming revenue to S$407.4 million and a 6% drop in non-gaming revenue to S$173.3 million. RWS’ EBITDA rose 14% to S$239.4 million.

Genting says Universal Studios Singapore, SEA Aquarium and Adventure Cove Waterpark attractions recorded a daily average visitation of over 20,000.

All its hotels maintained strong occupancy rates of over 92%.

During the quarter, the group also repaid S$387.5 million of its bank borrowings.

For the nine months ended Sept, the group registered revenue of S$1.7 billion and adjusted EBITDA of S$545.3 million.

Shares of Genting Singapore closed 1.5 cents higher at 76 cents.