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Genting Singapore’s net profit surges 92% YoY in Q1

The company attributed the growth to the CNY holiday and the relaxation of visa regulations between China and Singapore.

Genting Singapore announced that its net profit has soared 92% year-on-year (YoY) to $247.4m in the first quarter (Q1) of the year.

In addition, the company’s total revenue for the quarter amounted to $784.4m, up by 62% YoY.

ALSO READ: Genting Singapore’s net profit soars 80% YoY to $611.6m in FY23

Gaming revenue reflected a 69% YoY change to $576m in contrast to non-gaming income at $208.3m for Q1.

The company has attributed the growth to increased visitorship and tourism spending during the Chinese New Year (CNY) festive season, and the relaxation of visa regulations between China and Singapore in February.

 

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