Genting Singapore, the world’s third largest casino group, has beat analyst forecasts to post a net profit of S$657.2m (US$514m) for 2010 and revenues of S$1.4bn (US$1.1bn).
The Malaysian group opened Singapore’s first casino resort last year, and is predicted by analysts to make a profit of S$1.4bn in 2011.
Genting Singapore said the property contributed S$775.2m of S$788.5m of revenues in the fourth quarter.
However its profit margin for its VIP business was reduced as high-stakes gamblers won more than in the previous three-month period. It also paid down interest on its S$207.9 million loan to finance the property.
Singapore’s two casino resorts both opened last year after a ban was lifted to boost tourism revenue and transform its image.
Genting’s strong results were matched a fortnight ago by the operator of Singapore’s other casino, Marina Bay Sands, a $5.5bn resort opened in April by Las Vegas Sands.
LVS said its MBS property generated $305.8m in ebitda on revenues of $560.4m during the fourth quarter.
Last year sister resort Genting Highlands in Malaysia was voted World’s Leading Casino Resort at 2010 World Travel Awards.
(Dato’ Lee Choong Yan, Presidient, Genting Highlands Resort; James A Khan, Global Sales & Marketing Director)
Genting Singapore plans to open a marine museum, a water park and two hotels at its $4.7 billion Resorts World Sentosa starting the middle of this year.
It staged a reopening of the Battlestar Galactica roller coaster at its Universal Studios Singapore theme park this week.