Genting Singapore Reports 85.5% Increase in Net Profit for Full-year 2022

Genting Singapore has reported an 85.5% increase in net profit for full-year 2022, at US$254.6 million. The casino operator reported that revenue increased 61.7% year-on-year to US$1.294 billion due to an increase in business volume.

The group’s cost of sales rose 51.7% to SGD1.12 billion. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was SGD774.2 million (US$579.5 million), compared to SGD448 million in 2021.

However, the group’s overall profit margin was impacted by higher utility tariffs, increased casino tax rates and accelerated depreciation on certain assets related to the renovation of one of its hotel properties and the expansion of Resorts World Sentosa.

Group-wide revenue in the six months to December 31 was SGD1.06 billion, compared to SGD663.1 million in the first six months, while second-half gaming revenue rose 58.6% from the first half to SGD753.7 million. Adjusted EBITDA in the second half stood at SGD505.4 million, compared to SGD268.7 million in the first six months.

The firm said it is cautiously optimistic of a full recovery in the medium term as flight capacity and economic uncertainties could moderate the pace of recovery.