The increase in international tourists in Singapore is the cause behind the growth
Genting Singapore, the owner of Resorts World Sentosa, reported an 85% increase in their net profit for the full fiscal year (FY2022) ended 31 December 2022.
Their financial statements revealed that they earned $340m for FY2022 from $183m of the previous fiscal year (FY2021).
They also reported that their gaming-based revenue grew 53% to $1.23b from $805m, whilst their non-gaming revenue climbed 90% to $491m from $258m. They earned a total revenue of $1.73b, 62% more than $1.07b in FY2021.
The growth was due to the increase in international tourists arriving in Singapore after the country’s travel recovery gained momentum, especially during the second half of 2022.
On the other hand, the higher utility tariffs, increased casino tax rates, and accelerated depreciation of assets connected to the renovation of the Festive Hotel and their plan to expand Resorts World Sentosa affected the overall profit margin.