Genting Singapore Q1 profit soars as gaming business picks up

    Genting Singapore says its first-quarter net profit soared 77 percent, boosted by a pick up in its gambling business. Revenue rose 24 percent to S$828.8 million ($663 million), while net profit came in at S$257.6 million. The company said its gaming business saw revenue rise 29 percent on the back of higher rolling volume and a higher win percentage in the premium market. The non-gaming business recorded revenue growth of 6 percent compared to the same period a year ago. The company said its attractions had average daily visitors of about 16,000, while its hotel occupancy rate is running at about 92 percent. However, the group warned that the rest of the year may prove more challenging amid increasing competition from around the region. The company said it is streamlining its resort operations and will introduce new products to help lure tourists. “In 2014, our guests can look forward to new attractions in our promenade area and a new exciting attraction in Universal Studios Singapore,”  it said. The company’s Jurong hotel development is progressing and is scheduled to open in 2015. Genting said that it is in the process of finalising plans and obtaining approvals for its planned resort on Jeju Island in South Korea, while it is also gearing up to bid for a license in Japan. “We have organized a dedicated project team to understand, monitor and prepare for developments in the near future. We will partner Japanese institutions that will add to the strength of our proposal for an integrated resort in Japan,” it said.