{"id":255,"date":"2024-06-27T01:54:54","date_gmt":"2024-06-26T22:54:54","guid":{"rendered":"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/"},"modified":"2024-06-27T01:54:54","modified_gmt":"2024-06-26T22:54:54","slug":"genting-singapore-profits-decline-despite-revenue-increase","status":"publish","type":"post","link":"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/","title":{"rendered":"Genting Singapore Profits Decline Despite Revenue Increase"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/R8LWh13owQU\"\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, declared that despite a rise in earnings in the initial six months of the year, elevated utility charges and amplified casino duty rates under the fresh regulatory framework resulted in a decrease in profits.<\/p>\n<p>The enterprise reported income of S$6.631 billion (\u00a33.993 billion\/\u20ac4.722 billion\/$4.818 billion) for the initial six months of the year, an increase of 19.5% compared to the same period last year.<\/p>\n<p>Gaming income was S$4.752 billion, an increase of 7.5%. Hotel room income was S$63.6 million, while attractions income more than doubled to S$69.7 million, with other non-gaming sources contributing S$43.6 million.<\/p>\n<p>The Genting Singapore board stated that the recovery was driven by robust demand for casino gambling following the effects of the COVID-19 pandemic, sufficient to offset the ongoing difficulties faced by international travel.<\/p>\n<p>\u201cWhile international visitor arrivals remain considerably below pre-pandemic levels due to restricted flight capacity, unusually high airfares and varying reopening protocols across our regional markets, the group has profited from pent-up demand and made notable progress in its recovery in the initial six months of 2022,\u201d the company stated.<\/p>\n<p>Rental income contributed another S$6.7 million, although this was the only segment where earnings declined, while hotel and support services income was S$4.4 million, compared to negligible income in 2021. <\/p>\n<p>Although Genting Singapore saw a rise in income, the expenses associated with sales, including gaming levies, escalated at a faster pace, surging by 33.4% to S$463 million. These new taxes are part of Singapore&#8217;s gambling industry changes, which also involve the creation of a new oversight body and redefining illicit gambling activities. As a consequence, Genting&#8217;s overall profit dipped by 3.8% to S$200.1 million. Operational expenditures also climbed, primarily due to asset impairments, resulting in a 9.4% decrease in operating profit to S$110.2 million. After accounting for finance costs, joint venture earnings, and taxes, Genting Singapore&#8217;s net profit reached S$84.4 million, a 4.3% drop from the corresponding period last year. As a result, earnings per share also decreased, falling from S$0.73 to S$0.70. Despite the reduction in profits, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at S$289 million, compared to S$256.8 million in the same period of 2021. At the end of the quarter, news reports indicated that MGM Resorts had approached Genting Singapore regarding a possible takeover. However, Genting refuted these reports.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >Genting Singapore, the operator of Resorts World Sentosa, declared that despite a rise in earnings in the initial six months of the year, elevated utility charges and amplified casino duty rates under the fresh regulatory framework resulted in a decrease in profits. The enterprise reported [&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 Profits 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:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/\" 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 Profits Decline Despite Revenue Increase\" 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:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Immerse Yourself in a World of Casino Fun | Licensed &amp; Secure\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T22:54:54+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:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/\",\"url\":\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/\",\"name\":\"Genting Singapore Profits Dip Despite Revenue Surge\",\"isPartOf\":{\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-26T22:54:54+00:00\",\"dateModified\":\"2024-06-26T22:54:54+00:00\",\"author\":{\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Genting Singapore\",\"breadcrumb\":{\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/27\/genting-singapore-profits-decline-despite-revenue-increase\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/luckycreek100nodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Genting Singapore Profits Decline Despite Revenue Increase\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/#website\",\"url\":\"https:\/\/luckycreek100nodepositbonus.icu\/\",\"name\":\"Immerse Yourself in a World of Casino Fun | Licensed &amp; Secure\",\"description\":\"Stay informed and maximize your gambling experience through our regularly updated news, comprehensive reviews, and expert articles. 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