Genting posts flat 14Q2 results, waiting on Jeju approvals, Japan

    Genting Singapore – which operates Resorts World Sentosa – has posted a 22 per cent drop in its second-quarter earnings and a marginal EBITDA increase of 1 percent at $252 million (S$313.8 million) from the previous year in a filing. The company, held by Malaysia’s Genting Bhd group, told the stock exchange it was well placed to bid for an integrated resort in Japan, once the market opens. “Our team continues to monitor the developments and actively prepare for events that may arise upon the passing of this first phase bill. The group has sufficient financial resources and is well-placed to bid for this opportunity,” Genting Singapore said.

    Boosted by a higher rolling volume and win percentage in the premium player business, Genting’s gaming revenue was up 9 percent to S$596.9 million. Non-gaming revenue, covering incomes from hotels and Universal Studios dropped by 3 percent year on year to S$153.6 million. Hotels managed a high occupancy rate of 94 per cent and an average room rate of S$390.

    Expansion wise, the company noted it continues working with South Korean authorities to complete plans and secure approvals its joint-venture integrated resort project in Jeju Island.