Thanks to a well-performing VIP business.
Genting Singapore pops the champagne as Q3 profits rose by 24% YoY to $168.69m.
According to its financial statement, the surge was driven by a successful recovery of debts, a better VIP business, and lumpy write-backs of receivables.
After redeeming perpetual bonds of $2.3b in October, Genting has also moved to tap into the bond market by issuing samurai bonds of $239.16m (JPY20b) in three tranches, officially marking its intention to expand its presence in Japan.
RHB Research forecasts its VIP segment to gather momentum, capitalising on positive sentiment as observed in Macau’s gaming volume which hit its highest at $3.7b (HKD21.2b) since January 2016.
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