Genting Singapore Plc second quarter results: 40% increase in visitors to Universal Studios Singapore

Genting Singapore Plca��s results for the second quarter show a 40% increase in visitors to Universal Studios Singapore compared with the first quarter and 40% increase in non-gaming revenues compared to Q2 2010. Genting set out a plan to continue development of Singapore Integrated Resorts to

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sentosa island singapore panarama gentengNon-gaming revenues increased by 40% from S$94m to S$132m.  The S$6.6bn resort which began a phased opening in January 2010 and so the quarter ended 30 June 2011 is the first that can be directly compared to prior years full operational trading.  Daily average visitor numbers were 10, 300 with an average spend of S$83 per head.  Occupancy at Singapore Integrated Resorts’ hotels for the quarter was 88% with an average rate per room of S$317.

Genting suffered significant losses this quarter in their gaming business which resulted in an overall decline in revenues of 17% from S$874m to S$727m.

The company plans significant new attractions in the near future to continue to develop the resort, as set out in the following comments from the quarterly financial announcement:

“We are particularly excited about the jump in volume and earnings from the non gaming business in the second quarter of 2011; with Universal Studios Singapore drawing 40% more visitors compared to the preceding quarter. The park’s growth is most encouraging not only from a short term perspective, but more importantly it continues to establish the Singapore IR as the premier resort destination for the affluent in Asia. We continue to build on the Singapore IR’s appeal with new attractions. The Maritime Experiential Museum will open in October 2011, followed by the world-wide debut of Transformers – a major blockbuster attraction in USS in December 2011.

Also at the end of this year, we will add more luxury rooms at our high end West Zone. There will be larger suites and magnificent luxurious villas. Each of these villas have its own swimming pool, access to a beautifully landscaped environment and views of the spectacular sun set over the Straits. These accommodations, when fully completed by first quarter of 2012, will be highly complementary to our vision to be the playground for the rich and famous in Asia.”