But its revenue rose thanks to the strong performance of its leisure and hospitality segment.
Lady Luck wasn’t on Genting Singapore’s side as profits fell 29% YoY from $188.99m to $133.99m in the fourth quarter of 2017. According to its financial statement, Genting Singapore saw a 4% YoY increase in revenue underpinned by the stronger underlying performance of the leisure and hospitality segment as a result of higher business volume.
The daily average visitation for the Group’s major attraction offerings, Universal Studios Singapore, the S.E.A. Aquarium and Adventure Cove Waterpark, enjoyed growth in a range from 6% to 9%. Hotel business maintained a high occupancy rate of 91%.
For the full year, profits soared 78% from $384.55m to $685.56m. The company said that in 2017, it has recalibrated its credit policy and commission structure for the VIP gaming business. “This is paying off and is proving to be a sustainable growth strategy. We are now able to achieve lower impairment in gaming receivables and improve operating margins. “
“In 2017, the Asian gaming and tourism industry showed signs of rebound as a result of good economic growth in our main geographic markets. Together with a business strategy and plan that was well executed, especially in the gaming business segment, we have been able to significantly grow both our revenues and profitability. Our focus on the regional premium mass business saw good momentum in revenue growth. Resorts World Sentosa (RWS) is Asia’s leading premium lifestyle tourism destination, accounting for more than one-third of international visitor arrivals to Singapore,” it added.
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