$GENTING SINGAPORE LIMITED(G13.SI)$ 

Genting Singapore Limited (SGX: G13)

Genting Singapore is the owner and operator of Resorts World Singapore (RWS), an integrated resort (IR) in Sentosa spanning 49 hectares.

RWS features six hotels with around 1,600 hotel rooms, a casino, an adventure water park, and a Universal Studios theme park as well as numerous retail and dining outlets.

The group’s share price recently hit a 52-week high of S$0.97, up 26% year on year.

Genting Singapore reported a sparkling set of earnings for its fiscal 2022’s third quarter (3Q2022).

Revenue more than doubled year on year from S$251.5 million to S$519.7 million.

Net profit soared 123.6% year on year to S$135.8 million.

There is a wave of optimism sweeping over the tourism industry as China just reopened its borders to international travellers for the first time since March 2020.

Looking back at the fourth quarter of 2019 (before the pandemic hit), China was the top country for tourism receipts, bringing in S$900 million out of a total of S$5.5 billion.

Investors are probably hoping that the influx of Chinese tourists can further boost the IR and lead to higher revenue and profits.

Meanwhile, RWS is also proceeding with its expansion project plans titled “RWS 2.0”.

The construction of a new attraction, Minion Land, is proceeding well and the S.E.A aquarium has also been rebranded to the Singapore Oceanarium.

The remake of Festive Hotel should be completed by 1Q2023 and boost its number of rooms to 389, and the makeover will also attract more affluent customers.