KUALA LUMPUR: Genting Bhd’s net profit for the second quarter ended June 30, 2019 jumped 56.4% to RM599.68 million from RM383.52 million a year ago, driven by higher contribution from the leisure & hospitality, particularly in Singapore, US and Bahamas.
Its revenue was RM5.45 billion, an increase of 12.9% compared with the previous year’s RM4.82 billion.
The group has declared an interim dividend of 6.5 sen per share for the quarter under review.
For the six-month period, Genting’s net profit rose 17.8% to RM1.16 billion from RM986.22 million, while revenue increased expanded 9.4% from RM10.07 billion to RM11.02 billion.
Looking ahead, Genting said Genting Singapore is embarking on the implementation phase of Resorts World Sentosa’s SG$4.5 billion mega expansion plans, which will again elevate its position as the region’s premier integrated resort destination.
In the UK, Genting Malaysia will continue reviewing its operations to identify streamlining opportunities to improve operational efficiencies.
In the US, Resorts World Casino New York City maintained its position as market leader in terms of gaming revenue in the Northeast US region.
Nevertheless, Genting said the group remains focused on executing various initiatives to drive visitation and frequency of play at the property.
Meanwhile, it noted that construction of Resorts World Las Vegas (RWLV) continues to progress well.
“As of Aug 10, 2019, RWLV has completed concrete work for both the West and East Towers, topping off at the 69th level. Structural steel construction has been completed for the low-rise casino podium. Total development and land costs incurred as of June 30, 2019 were approximately US$1.5 billion (RM6.3 billion).”
source https://www.thesundaily.my/business/genting-q2-earnings-up-56-4-BF1315021
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