Billionaire Lim Kok Thay’s Genting Singapore profits double amid post-pandemic travel boom | Tech US News


Genting Singapore, controlled by Malaysian billionaire Lim Kok Thay, said on Thursday its profit more than doubled in the third quarter amid a rebound in post-pandemic travel as international events, including the Formula One Grand Prix, returned to in full swing after a two-year hiatus.

Net profit rose to A$135.8 million ($98 million) in the three months to September from A$60.7 million a year ago, Genting said in its quarterly update. Gaming revenue rose 96% to S$382 million, while sales from Resorts World Sentosa’s (RWS) integrated casino and theme park complex doubled to S$137 million, it added.

“The overall improvement in RWS’s operating performance reflects the ongoing recovery in regional travel markets, but that recovery has not yet returned to pre-pandemic levels,” the company said. “The uptick in gaming revenue was led by more affluent and premium customers staying a bit longer.” With the company recovering from lows seen during the pandemic, Genting said it fully redeemed its 20 billion yen ($141 million) unsecured Japanese bond last month.

Since Singapore fully reopened to international travelers in April, visitor numbers have surged 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 could visit by the end of the year.

“We remain confident and excited about the growth opportunities in Singapore,” Genting said. To take advantage of such growth opportunities, the company has been renovating its attractions at Universal Studios, at the same time it is renovating one of its hotels. RWS has also strengthened its senior management, with the recent appointment of Lam Yi Young as Deputy CEO and Andrew MacDonald as Casino Director.

Genting Singapore is one of several companies in gaming tycoon Lim’s vast global business empire. Lim, who also owns casino resorts in Malaysia, the United Kingdom, the United States and the Bahamas, had a net worth of $2.1 billion, according to reports. Forbes‘real time data.


Source link

Please disable your adblocker or whitelist this site!