Genting has posted its Q3 report, which shows it made RM6.12bn ($1.36bn) in revenue – a drastic increase on the RN3.5bn it generated during the same period last year.
Meanwhile, its net profit for Q3 was back in the black after it made RM128m, against a net loss of RM344m for Q3 2021.
For the year so far, Genting has posted almost double the amount it did during the first nine months of 2021, reporting revenue of RM16bn in 2022.
Genting’s Resorts World Sentosa in Singapore (RWS) helped drive the business back to profitability, with a company statement highlighting the performance of its Singapore-based casino: “The overall improvement in RWS’ operating performance reflects the ongoing recovery of regional travel markets, but such recovery has yet to return to the pre-pandemic levels.”
“The rebound in gaming revenue was led by more affluent and premium customers that are staying slightly longer.”
Macau’s Secretary for Economy and Finance has said that the province has to “change its image as a gambling city.”
Expanding on his comments, Lei Wai Nong said: “In the next 10 years, the non-gaming elements should form another sector of Macau’s economic development, so the non-gaming element and the gaming element should become two important economic pillars of Macau in the future.”
The statement has come as Macau struggles to operate under China’s zero-Covid policy, which has seen the Chinese gambling hub lose much of its market position in Asia, following the rise of both Singapore and the Philippines.
The subject was covered by Gambling Insider in the November/December edition of our magazine.
“There is indeed a conflict of interest in PAGCOR’s responsibilities. Since it is a regulator, it should be strict. On the other hand, it earns, it is not so strict”
Philippine Senator Sherwin Gatchalian
Split PAGCOR to ensure there is no conflict – says Philippine senator
The Philippine Amusement and Gaming Corporation (PAGCOR) has been called to split into two separate bodies by Philippine Senator Sherwin Gatchalian over issues of the organisation's conflict of interest between its regulatory and operational roles.
The organisation currently sets all the rules and regulations for all gambling in the Philippines, while it also owns several casinos across the country.
Senator Gatchalian’s idea to fix the problem is to have PAGCOR become two individual entities, one which controls regulation and the other that deals with its casino operations – thereby ridding PAGCOR of its conflict of interest.
Speaking out about the problem, Gatchalian said: “There is indeed a conflict of interest in PAGCOR’s responsibilities. Since it is a regulator, it should be strict. On the other hand, it earns, it is not so strict.”
Macau sees flat footfall for Grand Prix
The Formula One Grand Prix came to Macau last weekend, which generally draws higher footfall wherever it goes – however, Macau’s deputy director of the Macao Government Tourism Office, Hoi lo Meng, has revealed that it saw little increased footfall for the racing event.
The average amount of visitors to the Chinese gambling hub remained at around 16,000 between 17 November and 20 November – which is similar to the number of people that visited Macau before the racing weekend.
Missed a big gambling industry story in Asia? Don't worry, Gambling Insider has you covered with our Asia round-up.