Genting Singapore 3Q profits jumped fourfold to $107m

Uncertainty around the gaming industry, however lingers.

Genting Singapore reported profits of $106.9m quadrupled in 3Q but management said it remained wary over VIP business.

The Group performed very well in this third quarter 2016, with Adjusted EBITDA doubled to $233.6 million over the last quarter, and grew 12% on a year on year basis.

Management said that the achievement has been the fruits of its ongoing commitment to focus on better margin business and managing operational efficiency for better margins.

It notes though that with the on-going uncertainty in the gaming industry in Asia, it remains cautious of the VIP business.

Here's more from Genting Singapore

Since early 2016, we have scaled down this business segment and the provision for bad debts related to this segment has consequently reduced. We will continue to see improved margins in this segment over the next few quarters.

Together with a measured approach in the premium mass market, we are confident of a sustainable earnings growth into the next year.

As Asia's middle class continues to grow and prosper, our world-class attractions have been a foundation for us to market to the region. Our uniquely Singapore style Integrated Resort concept has served us well to position our resort branding. We continue to execute our transformational initiatives to anchor RWS as Asia's premium lifestyle destination. This includes property enhancement projects which has already begun with the Maritime Experiential Museum (“MEM”) upgrade at the existing property.

The MEM, which is currently Asia's only maritime silk-road themed museum, is scheduled to unveil its fully refurbished facility with renewed content by end 2017. It will become a world class edutainment spot in Singapore complementing RWS' existing cluster of iconic themed attractions.

We believe our commitment to RWS' continuous development and transformation in keeping with latest market trends and competition will drive Singapore's tourism to the next level of sustainable growth.

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