SINGAPORE: Genting Singapore reported a 30 per cent fall in fourth-quarter net profit here the other day.
Genting, which derives the bulk of its revenue from the Resorts World Sentosa (RWS) integrated resort, earned S$118.9 million in the three months ended December, down from S$170 million in the same period a year ago.
“RWS contributed revenue of S$637.3 million and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of S$194.6 million. On a theoretical normalised hold basis, RWS would have generated an adjusted EBITDA of approximately S$280 million,” Genting said in a stock market filing.
Genting said the mass gaming segments displayed respectable growth during the quarter, while the attractions at RWS continued to achieve daily average visitation of 20,000. The hotel segment registered an occupancy rate of 93 per cent with average daily room rate at S$422, it added.
Looking ahead, Genting said it expects “respectable” growth in non-gaming earnings in 2015 as the travel industry climbs out of a difficult year.
In the second quarter of 2015, Universal Studios will launch its latest attraction – Puss in Boots’ Giant Journey. The popular Battlestar Galactica dueling roller coasters will also be back in service.
“These launches will present opportunities for us to create events to increase our revenue,” Genting said.
Genting’s new 550-room hotel in the Jurong Lake District is scheduled to open from May 2015, adding much needed capacity and helping drive visitations to RWS, it added.
