Strong Q1 performance driven by increased tourism and visa-free travel
- Genting Singapore’s profit nearly doubled in Q1
- Visitor numbers rise, particularly from China
- Net profit jumped 92% to S$247.4 million
- Revenue rose 62% to S$784.4 million
- Gaming revenue climbed 69.5% to S$576 million
- Non-gaming revenue increased 44% to S$208.3 million
- Resorts World Sentosa benefited from higher visitor numbers and tourism spending during Lunar New Year
- Visa-free travel deal between Singapore and China contributed to growth
- Upcoming concerts and events expected to provide further boost
- Citi Research maintains buy rating on Genting stock
Genting Singapore’s profit nearly doubled in the first quarter as more tourists visited its resorts in the city-state, particularly from China. The casino operator’s net profit jumped 92% to 247.4 million Singapore dollars (US$182.6 million) for the three months ended March compared to the same period a year earlier. Revenue rose 62% on the year to S$784.4 million. Genting’s gaming revenue climbed 69.5% to S$576 million, while its non-gaming revenue increased 44% to S$208.3 million. Resorts World Sentosa has seen notable benefits from higher numbers of visitors and tourism spending during the Lunar New Year period, and from the visa-free travel deal between Singapore and China. Citi Research analysts expect Genting to be one of the major beneficiaries of the visa-free deal, and upcoming concerts and events in Singapore are expected to provide further growth. Citi maintains a buy rating on Genting stock.
Factuality Level: 7
Factuality Justification: The article provides specific details about Genting Singapore’s financial performance in the first quarter, including the increase in net profit and revenue. It also mentions the factors contributing to the growth, such as higher numbers of visitors and the visa-free travel deal between Singapore and China. While the article includes some positive projections from Citi Research analysts, it does not contain any misleading information or sensationalism. However, it could benefit from more context on the overall market conditions and potential risks for Genting Singapore.
Noise Level: 3
Noise Justification: The article provides relevant information about Genting Singapore’s financial performance in the first quarter, including details on profit, revenue, and factors contributing to the increase. It also mentions the impact of the visa-free travel deal between Singapore and China. However, the article lacks in-depth analysis, accountability, or broader implications beyond financial gains.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the casino and tourism industries in Singapore, as well as Genting Singapore as a company.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: There is no mention of an extreme event in the news article.
Public Companies: Genting Singapore (G13.SI)
Key People: Amanda Lee (Author)
Reported publicly:
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