Message from Mr Chairman from Genting Sing.
Dear fellow Shareholders, The Group maintained a modest performance for the year ended 31 December 2015, despite being faced with a challenging soft economic environment and a downtrend in the premium gaming industry. We achieved a revenue of $2.4 billion, a healthy adjusted earnings before interest, tax, depreciation and amortisation (&ldquo Adjusted EBITDA&rdquo ) of $915.0 million and net profit of $193.1 million. As at 31 December 2015, our cash and cash equivalents stood at $5.0 billion. Our strong balance sheet will serve us well as we enter into 2016 and beyond with the global economic environment showing signs of significant volatility and weaknesses. The Board of Directors has proposed a final dividend of 1.5 cent per share for the financial year ended 31 December 2015. The performance of our gaming business was adversely affected in 2015 by the Asian gaming industry downturn. With the continued uncertainty in our key markets, we remain cautious with our premium gaming customer business. Our mass player gaming business is stable and we will increase our efforts to grow the foreign premium mass and mass market segment in the region. Our casino license for RWS has been renewed for another three years beginning 6 February 2016. Our non-gaming businesses were robust with revenues of $650.3 million in the financial year ended 2015, contributing approximately 27% of our total revenue for the year.
Our Attractions welcomed close to 7 million visitors in 2015, accounting for a third of all visitor arrivals for gated attractions in Singapore. This was achieved despite a slower growth in number of tourists arrivals into Singapore. Universal Studios Singapore® celebrated its fifth year of opening with the launch of a new attraction, Puss In Boots&rsquo Giant Journey, which brings guests on a swashbuckling coaster with the feline hero from the much-loved Shrek franchise. It also re-launched the popular Battlestar Galactica: Human vs CylonTM roller coaster ride and has since received tremendous support from the thrill seeking community. The park continued to develop its action-packed calendar with signature events such as Easter Eggstravaganza, Halloween Horror Nights® 5 and Santa&rsquo s All-Star Christmas. Our relentless efforts to provide a superior guest experience were recognised at Universal Studios Singapore® , S.E.A. Aquarium and Adventure Cove Waterpark where we were voted among Asia&rsquo s top attractions in the TripAdvisor Travellers&rsquo Choice 2015, and were honoured with TripAdvisor Certificates of Excellence. S.E.A. Aquarium also topped the list of attractions in the Customer Satisfaction Index 2015, released by the Institute of Service Excellence at Singapore Management University.
Even as Resorts World Sentosa (&ldquo RWS&rdquo ) turns five, it continues to be recognised as a leader in the industry, with a haul of awards and accolades for our attractions, hotels, restaurants, spa and events. I am especially proud that RWS has swept the TTG Travel Award for Best Integrated Resort for the fifth year running, a firm endorsement of our track record as a leading integrated resort operator and clear indication of RWS&rsquo s leading position as a premier resort destination in Asia Pacific. Apart from that, we also bagged home four awards from Singapore Tourism Board: Singapore Experience Award - Universal Studios Singapore® for &lsquo Best Visitor Attraction Experience&rsquo Forest for &lsquo Best Dining Experience&rsquo Ocean Dreams for &lsquo Best Learning and Travel Experience&rsquo and Universal Studios Singapore® &rsquo s Halloween Horror Nights® 4 for &lsquo Best Leisure Event of the Year&rsquo . Our hotels in Sentosa continued to outperform industrywide indicators in occupancy levels and average room rates, registering an average occupancy rate of 92% and an average room rate of $378 for the year. In April 2015, we soft opened Genting Hotel Jurong, strategically located in the growing and vibrant Jurong precinct. This 557-room hotel expands our footprint in Singapore and adds much needed hotel rooms&rsquo capacity to complement our Resort attractions. We expect to reap benefits from the future Singapore-Kuala Lumpur High Speed Rail Terminus located in the vicinity of the hotel. We are embarking on a brand re-positioning exercise to increase our high yield visitors. In this connection, we are establishing alliances with strategic partners to achieve our target markets. Concurrently, it will also achieve repeat visitation. To advance our brand positioning, RWS collaborated with the Michelin Guides and Robert Parker Wine Advocate in November 2015 to launch the inaugural Michelin Guide Singapore in an effort to enhance our F& B appeal. We have appointed Mr. Donnie Yen, one of Asia&rsquo s most influential celebrities, to be our brand ambassador. Through these strategic relationships, we expect to maximize our global exposure and strengthen the mindshare of RWS.
Our joint venture integrated resort, Resorts World Jeju (&ldquo RWJ&rdquo ) in South Korea is progressing well. RWJ had its ground breaking in February 2015. Construction work for the Integrated Resort has since commenced and we are on schedule for the progressive GENTING SINGAPORE ANNUAL REPORT 2015 l 5 opening of the resort from the last quarter of 2017. In June 2015, the Jeju Provincial Government has also passed the casino ordinance. Besides South Korea, we continue to look for potential investment opportunities within our core competencies in the region. In a challenging year, we have not forgotten our role as a responsible corporate citizen and to give back to the less privileged. We supported the Sing50 concert organised by The Straits Times and The Business Times, in celebration of SG50 and honouring local music. We also made a long-term commitment to helping the underprivileged children by pledging $5 million cash and in kind donation to Community Chest over five years, starting from 2014.
As we look ahead to 2016 and beyond, we see headwinds in our way. Nevertheless, we remain focus to grow our revenue and work on our profitability margins at RWS, and execute our project in Jeju to ensure a timely opening in 2017. I am especially heartened that we gave out 5-year service awards to some 2,600 team members this year, representing about 20% of the workforce. I thank them for their dedication, and also extend my appreciation to the 13,000 team members who have contributed to our successes. We continue the Genting tradition of keeping the &ldquo kampung spirit&rdquo alive. I would also like to thank our customers, business partners and government agencies for their continuous support the Board of Directors for their counsel and the management team for steadily steering the business. To our shareholders, thank you for your unwavering trust and confidence as we continue to forge ahead.
From Tan Sri Lim Kok Thay Executive Chairman
Maybe. Not sure if there will be new high when rwj opens
If you look back at past price trends, GENS started climbing the year before the opening of RWS, and then popped higher thereafter. Hopefully, history will repeat itself with RWJ. Dreaming to myself, LOL.
If you look back at past price trends, GENS started climbing the year before the opening of RWS, and then popped higher thereafter. Hopefully, history will repeat itself with RWJ. Dreaming to myself, LOL.
Fantastic! Nice closing at 89 cents.
Looking gd to resume uptrend mode .
Genting SP looking good to head higher to re-visit 87 cents soon.http://sporeshare.blog spot.sg/2016/03/genting-sing.html
I went in 3 weeks ago, despoite knowing the results will not be so good. Didn' t expect a dividend, which is a very nice gesture for a company not doing so well to have the initiative. Those holding shares till 9th May will be entitled to the final dividend.
NOTICE OF BOOK CLOSURE DATE FOR FINAL DIVIDEND NOTICE IS HEREBY GIVEN that the Register of Members and the Register of Share Transfers of Genting Singapore PLC (the &ldquo Company&rdquo ) will be closed at 5.00 p.m. (Singapore time) on 9 May 2016 until 5.00 p.m. (Singapore time) on 12 May 2016 for the purpose of determining shareholders' entitlements to the proposed final tax-exempt (1 tier) dividend of 1.5 Singapore cents per ordinary share in the Company (&ldquo Share&rdquo ) for the financial year ended 31 December 2015 (&ldquo Final Dividend&rdquo ). Duly completed registrable transfers with the relevant share certificates received by:- a) the Company' s share transfer agent in Singapore, M & C Services Private Limited, 112 Robinson Road #05-01, Singapore 068902 and b) the Company' s share registrar in the Isle of Man, Castle Hill (Registrars) Limited, International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB, British Isles no later than 5.00 p.m. (Singapore time) on 9 May 2016 will be registered to determine shareholders' entitlements to the Final Dividend. Shareholders (being depositors) whose securities accounts with The Central Depository (Pte) Limited (" CDP" ) are credited with Shares as at 5.00 p.m. on 9 May 2016 will be entitled to the Final Dividend. Payment of the Final Dividend, if approved by the shareholders at the forthcoming Annual General Meeting of the Company to be held on 21 April 2016, will be made on 19 May 2016. By Order of the Board Genting Singapore PLC Joscelyn Tan Company Secretary 20 April 2016
very confused why genting is trending higher too...
That GENS is rising despite this news from Sands today is telling of unseen forces ain't it? Just 2 cents worth and clueless as well.
Negative read-through from Marina Bay Sands 1Q results, which suffered a steep drop in adjusted EBITDA to US$274.9m (-33.8% y/y, -18.7% q/q), hurt by the impact of the stronger USD and weak VIP segment.
Trending higher
Looking gd to resume uptrend mode .
Genting SP looking good to head higher to re-visit 87 cents soon.http://sporeshare.blog spot.sg/2016/03/genting-sing.html
That GENS is rising despite this news from Sands today is telling of unseen forces ain't it? Just 2 cents worth and clueless as well.
Negative read-through from Marina Bay Sands 1Q results, which suffered a steep drop in adjusted EBITDA to US$274.9m (-33.8% y/y, -18.7% q/q), hurt by the impact of the stronger USD and weak VIP segment.
Negative read-through from Marina Bay Sands 1Q results, which suffered a steep drop in adjusted EBITDA to US$274.9m (-33.8% y/y, -18.7% q/q), hurt by the impact of the stronger USD and weak VIP segment.
Progressively from 2017. http://www.rwjeju.com/overview/ Although, I believe they have not yet been granted the casino licence.
I just had lunch with a Taiwanese friend, and he was heading over to RWS casino after lunch. Going to do it overnight too. RWS is not going to go bust.
Who really cares about the errant PRC gamblers in any case, who take the gambling profits but don' t pay up when they lose.
when jeju ready? 2017?
Remember - RW Jeju is opening next year onwards in stages. There will be a boost to revenues in absolute dollar terms, unless they make losses from Day 1. So far they are only spending to develop the resort without a penny in return. Also, wages in South Korea are generally not high, and they are proximate to Northern China and Japan who would typically prefer to travel to Macau as opposed to the longer trip to SGP. The longer it takes Japan to legalise gambling, the more likely the Japs will go to Korean resorts to wager. Culturally, the Japs are closer to the Koreans, than to Macanese. Hence, I am cautiously optimistic from 2017 onwards.Er - why are we talking about African tourists in this forum? Don' t think they come so far in any case.
when jeju ready? 2017?
Remember - RW Jeju is opening next year onwards in stages. There will be a boost to revenues in absolute dollar terms, unless they make losses from Day 1. So far they are only spending to develop the resort without a penny in return. Also, wages in South Korea are generally not high, and they are proximate to Northern China and Japan who would typically prefer to travel to Macau as opposed to the longer trip to SGP. The longer it takes Japan to legalise gambling, the more likely the Japs will go to Korean resorts to wager. Culturally, the Japs are closer to the Koreans, than to Macanese. Hence, I am cautiously optimistic from 2017 onwards.Er - why are we talking about African tourists in this forum? Don' t think they come so far in any case.
Up trading range a bit for SingTel, YZJ, etc blue chips with good news ..... except this oneReason: days of high roller from PRC is over forever
Whereas people from other developing countries like africa do not like this type of in-house gambling. They like animals or men fighting, racing, etc , OUTDOOR and with ACTIONS
Remember - RW Jeju is opening next year onwards in stages. There will be a boost to revenues in absolute dollar terms, unless they make losses from Day 1. So far they are only spending to develop the resort without a penny in return. Also, wages in South Korea are generally not high, and they are proximate to Northern China and Japan who would typically prefer to travel to Macau as opposed to the longer trip to SGP. The longer it takes Japan to legalise gambling, the more likely the Japs will go to Korean resorts to wager. Culturally, the Japs are closer to the Koreans, than to Macanese. Hence, I am cautiously optimistic from 2017 onwards.
Er - why are we talking about African tourists in this forum? Don' t think they come so far in any case.
Up trading range a bit for SingTel, YZJ, etc blue chips with good news ..... except this oneReason: days of high roller from PRC is over forever
Whereas people from other developing countries like africa do not like this type of in-house gambling. They like animals or men fighting, racing, etc , OUTDOOR and with ACTIONS
