Genting Singapore profit more than doubles in Q3

This is due to the recovery of regional travel.

Genting Singapore posted a 123.64% year-on-year (YoY) increase in net profit after tax to around $135.8m in the third quarter due to the ongoing recovery of regional travel markets.

In a disclosure, Genting said the Resorts World Sentosa (RSW) saw continued recovery during the period with the Group’s revenue up by 49% quarter-on-quarter and 106.6% YoY to $519.7m.

Despite the improving operating performance of RSW, Genting said the recovery has not yet reached pre-pandemic levels. Revenue in the gaming segment rebounded by 96% YoY to $381.97m.

“Whilst labour shortages and cost pressures present significant challenges, we continue to enhance our product offerings and hire, train, and re-skill our workforce,” Genting said.

“Concurrently, as we embark on a journey of transformation to become the most sustainable and desirable Integrated Resort in Asia, we are strengthening our leadership and management team to be ready for the next stage of growth,” it added.