Genting Singapore achieved record financial results for the first quarter of the year, thanks to the performance of its Resorts World Sentosa integrated casino resort.
The group’s revenue for the three months to March 31 stood at S$922.6m ($744.3m), while net profit was S$305.4m.
Resorts World Sentosa delivered the highest quarterly adjusted EBITDA of S$537.9m, up from S$390m in the previous quarter. This figure suggested that RWS outperformed Singapore’s other integrated resort, Las Vegas Sands’ Marina Bay Sands, which generated EBITDA of $284.5m, in the first quarter.
The casino’s VIP rolling market segment continues to be a major contributor to the resort’s total gaming revenue, the company said, noting growth of 19 per cent on the previous three-month period. VIP rolling revenue now represents 62 per cent of total gross gaming revenue.
Genting said that its first quarter results were positive and had been strengthened by the execution of the company’s overseas marketing strategy.
"The enhanced product offerings and service excellence that our customers demand will allow us to build significant brand equity over time as the foremost destination resort in Asia," it said. "We are cautiously optimistic notwithstanding the volatility of the global economic environment."
