Genting also ready for Japan expansion and upcoming reinvestment into RWS
The Casino Regulatory Authority of Singapore on Thursday announced it has renewed the casino license of Resorts World Sentosa for a period of three years. In its announcement the regulator said the renewal was given the go-ahead after assessing that Resorts World Sentosa had fulfilled the requirements set out in the law covering casinos. Renewal is set to take place on Wednesday, 6th February 2019.
Last month Malaysian brokerage RHB Research announced it is maintaining its “buy” call on Genting Singapore, due to its potential Japan expansion and its upcoming reinvestment into RWS.
In 2018 Q3, Genting Singapore saw net income come in at US$210.4 million from US$168.6 million a year earlier. Revenue gained 1 percent to US$639 million, though gaming revenue was down 1 percent to US$445 million. Non-gaming revenue rose 9 percent to $192.8 million.
Looking into projects in the pipeline, RHB said it was optimistic about Genting’s reinvestment proposal for RWS, even though it is in the discussion stage only.
Genting’s moves in the Japan IR market is also a plus for the Malaysian gaming leader.