Genting Singapore sees Q2 profit rise despite fall in revenue

Resorts World Sentosa operator Genting Singapore reported net profit of SGD177.6m ($129.6m) for Q2 2018, compared to SGD143.3m in the same period last year.

The improvement in profit was despite a six percent decline in revenue, the company said in filing on 3 August. Genting Singapore reported gaming revenue of SGD406. 1m for the three months to 30 June, down eight percent from the prior-year period.

In the filing the company also stated it was “gearing up” to bid for a casino licence in Japan, following the passage of the Integrated Resort (IR) Implementation Bill on 20 July.

“The group has been gearing up for this expansion opportunity and has been hiring a new team of Japanese nationals in different disciplines to prepare for the bid,” Genting Singapore stated.

The casino operator announced last month that it had set up an additional five new indirect wholly-owned subsidiaries in Japan.