{"id":256,"date":"2024-06-27T01:50:48","date_gmt":"2024-06-26T22:50:48","guid":{"rendered":"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/"},"modified":"2024-06-27T01:50:48","modified_gmt":"2024-06-26T22:50:48","slug":"genting-singapore-posts-85-5-surge-in-profits-for-2022","status":"publish","type":"post","link":"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/","title":{"rendered":"Genting Singapore Posts 85.5% Surge in Profits for 2022"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/ODLjWEo9kwM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Genting Singapore experienced a robust increase in profits during the 2022 fiscal year, with net earnings skyrocketing by 85.5% compared to the previous year, reaching S$340.1 million.<\/p>\n<p>The company&#8217;s net earnings and expenditures both witnessed substantial growth in 2022, fueled by the reopening of global borders and the surge in tourist arrivals.<\/p>\n<p>Genting Singapore&#8217;s total income in 2022 amounted to S$1.72 billion, with S$1.22 billion originating from gaming revenue and S$478 million from non-gaming revenue.<\/p>\n<p>Non-gaming revenue encompasses hotel accommodations, attractions, and other non-gaming related expenses.<\/p>\n<p>Furthermore, Genting Singapore also secured S$13.5 million in rental income and S$4.8 million in hotel and support services revenue.<\/p>\n<p>Genting Executive Chairman Lim Kok Thay stated that the reopening of international borders contributed to a surge in visitor numbers at Resorts World Sentosa, as the world began to adjust to coexisting with COVID-19.<\/p>\n<p>He remarked, &#8220;2022 marked a year where the world started to adapt to living with COVID-19, leading to the reopening of international borders and the revival of cross-border travel.&#8221; &#8220;The pent-up demand for travel and social activities contributed to a boost in visitor numbers at Resorts World Sentosa, particularly from our key markets in the region.&#8221;<\/p>\n<p>However, Lim Kok Thay also highlighted that progress might be gradual due to ongoing challenges in the COVID-19 recovery and inflation. <\/p>\n<p>Moving forward, although we anticipate the travel sector to continue its rebound, the rate of recovery might be inconsistent due to international flight capacity and sudden border limitations. Furthermore, economic uncertainty and inflationary pressures, along with workforce difficulties, are areas of worry.<\/p>\n<p>We remain cautiously optimistic about the path to restoring business strength and recovery.<\/p>\n<p>**Yearly Performance**<\/p>\n<p>The total cost of goods sold for the year was $1.12 billion, a rise of 51.1% year-over-year. This figure includes $43.1 million in inventory cost, a net $29.6 million in allowance for uncollectible accounts, and $1.2 million in expenses related to long-term leases.<\/p>\n<p>The total cost of goods sold also includes $26.8 million in amortization.<\/p>\n<p>After considering the total cost of goods sold, gross profit was $601.8 million, an increase of 84.1% year-over-year. In terms of further expenses, administrative expenses totaled $137.3 million for the year, an increase of 15.7%.<\/p>\n<p>Sales and distribution expenses rose by 52.6% to $25 million, while other operating expenses more than tripled to $34.8 million.<\/p>\n<p>These costs, along with $50.9 million in interest income and $0.875 million in other operating income, resulted in an operating profit of $456.3 million, double that of the previous fiscal year.<\/p>\n<p>A total of $2.4 million in finance costs further impacted the total. However, this was offset by a $2.8 million share of joint venture results.<\/p>\n<p>Therefore, profit before tax remained at approximately $456.7 million.<\/p>\n<p>Tax $116. <\/p>\n<p>The firm reported a net gain of S$340.1 million for the fiscal year, which equates to 600 million.  Modified earnings before interest, taxes, depreciation, and amortization (EBITDA) attained S$774.1 million for the year.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genting Singapore experienced a robust increase in profits during the 2022 fiscal year, with net earnings skyrocketing by 85.5% compared to the previous year, reaching S$340.1 million. The company&#8217;s net earnings and expenditures both witnessed substantial growth in 2022, fueled by the reopening of global borders and the surge in tourist arrivals. Genting Singapore&#8217;s total [&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 Soars: Profits Up 85.5% in 2022<\/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:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/\" 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 Posts 85.5% Surge in Profits for 2022\" 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:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Stay in the Know with Our Licensed Casino News &amp; Exciting Games\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T22:50:48+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:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/\",\"url\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/\",\"name\":\"Genting Singapore Soars: Profits Up 85.5% in 2022\",\"isPartOf\":{\"@id\":\"https:\/\/winadaynodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-26T22:50:48+00:00\",\"dateModified\":\"2024-06-26T22:50:48+00:00\",\"author\":{\"@id\":\"https:\/\/winadaynodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Genting Singapore\",\"breadcrumb\":{\"@id\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/genting-singapore-posts-85-5-surge-in-profits-for-2022\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/winadaynodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Genting Singapore Posts 85.5% Surge in Profits for 2022\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/winadaynodepositbonus.icu\/#website\",\"url\":\"https:\/\/winadaynodepositbonus.icu\/\",\"name\":\"Stay in the Know with Our Licensed Casino News &amp; Exciting Games\",\"description\":\"Stay ahead of the curve with our fresh casino news, honest game reviews, and expert articles. 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