{"id":274,"date":"2024-06-28T11:10:45","date_gmt":"2024-06-28T08:10:45","guid":{"rendered":"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/"},"modified":"2024-06-28T11:10:45","modified_gmt":"2024-06-28T08:10:45","slug":"genting-singapore-reports-decline-in-earnings-despite-revenue-surge","status":"publish","type":"post","link":"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/","title":{"rendered":"Genting Singapore Reports Decline in Earnings Despite Revenue Surge"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/MeTka3MDnUM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Genting Singapore, the operator of Resorts World Sentosa, has experienced a decline in earnings despite a surge in income during the initial six months of the year. This is attributed to elevated energy expenditures and a newly implemented casino levy.<\/p>\n<p>The organization generated S$6.631 billion (GBP3.993 billion\/EUR4.722 billion\/USD4.818 billion) in the first half of the year, representing a 19.5% increase from the preceding year. <\/p>\n<p>Gaming income amounted to S$4.752 billion, exhibiting a 7.5% rise. Hotel room income reached S$63.6 million, while revenue from attractions more than doubled to S$69.7 million. Other non-gaming sources contributed S$43.6 million.<\/p>\n<p>Genting Singapore&#8217;s governing board stated that the recovery was fueled by robust demand for casino gaming following the COVID-19 outbreak. This was sufficient to counterbalance the difficulties posed by international travel.<\/p>\n<p>The company remarked, &#8220;Despite international visitor counts remaining significantly lower than pre-pandemic levels due to restricted flights, elevated airfares, and varying reopening regulations within our region, we have profited from pent-up demand and achieved substantial progress in our recovery during the initial half of 2022.&#8221;<\/p>\n<p>Rental income stood at S$6.7 million, but this was the sole area to witness a decline in revenue. Hotel and support services revenue amounted to S$4.4 million, in contrast to nearly zero income in 2021. <\/p>\n<p>Although Genting Singapore saw a rise in income, the expenses associated with sales, including levies on gaming, escalated at a quicker pace, reaching 33.4% or S$463 million. This surge was a consequence of Singapore&#8217;s gambling sector restructuring, encompassing the formation of a new regulatory body and a revised definition of illicit gambling.<\/p>\n<p>Consequently, Genting&#8217;s overall profit experienced a decrease of 3.8%, settling at S$200.1 million.<\/p>\n<p>Operational expenses also climbed, primarily due to impairment charges, resulting in a 9.4% reduction in operating profit to S$110.2 million. After accounting for financial costs, joint venture earnings, and taxes, Genting Singapore&#8217;s net profit amounted to S$84.4 million, representing a 4.3% dip from the corresponding period in the previous year.<\/p>\n<p>As a result, earnings per share also decreased from S$0.73 to S$0.70.<\/p>\n<p>Despite the dip in profitability, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) remained at S$289 million, in contrast to S$256.8 million during the equivalent period in 2021.<\/p>\n<p>Following the conclusion of the quarter, media reports indicated that MGM Resorts had initiated discussions with Genting Singapore regarding a potential takeover. However, Genting refuted these reports.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genting Singapore, the operator of Resorts World Sentosa, has experienced a decline in earnings despite a surge in income during the initial six months of the year. This is attributed to elevated energy expenditures and a newly implemented casino levy. The organization generated S$6.631 billion (GBP3.993 billion\/EUR4.722 billion\/USD4.818 billion) in the first half of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genting Singapore Earnings Dip Despite Revenue Surge<\/title>\n<meta name=\"description\" content=\"Genting Singapore\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Genting Singapore Reports Decline in Earnings Despite Revenue Surge\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Genting Singapore\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Power of Secure &amp; Licensed Online Casino Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T08:10:45+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/\",\"url\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/\",\"name\":\"Genting Singapore Earnings Dip Despite Revenue Surge\",\"isPartOf\":{\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T08:10:45+00:00\",\"dateModified\":\"2024-06-28T08:10:45+00:00\",\"author\":{\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Genting Singapore\",\"breadcrumb\":{\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/2024\/06\/28\/genting-singapore-reports-decline-in-earnings-despite-revenue-surge\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/ozwincasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Genting Singapore Reports Decline in Earnings Despite Revenue Surge\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ozwincasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/ozwincasinonodepositbonus.icu\/\",\"name\":\"Discover the Power of Secure &amp; Licensed Online Casino Gaming\",\"description\":\"Discover the dynamic world of online gambling through our regularly updated news, honest game reviews, and informative insights. 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