Asian casino operator Genting Singapore has released its financial results for the first quarter of the year showing a 4% drop year-on-year in overall revenues to $419.56 million although its adjusted earnings before interest, tax, depreciation and amortization for the three-month period grew by 47% to $202.58 million.

The firm behind the Resorts World Sentosa development in Singapore, Genting Singapore stated that its first-quarter operating profit soared from the $58.73 million it reported for the same period in 2016 to $187.09 million this time out while its gross profit increased by 52% year-on-year to hit just over $186.6 million.

The Singapore-based casino operator further revealed that its first-quarter net profit had reached $150.33 million, which is considerably better than the $28.77 million it recorded for the identical period last year, thanks to a “strong performance from VIP gaming business and premium mass business” along with the disposal to Chinese real estate developer Landing International Development Limited of its 50% stake in the under-construction Jeju Shinhwa World integrated casino resort project in South Korea for $426.57 million.

“The group completed the disposal on January 3, 2017, [and] the proceeds of $426.57 million, which included a gain on [the] disposal of $68.88 million, have been recorded in the group’s statement of cash flow and statement of comprehensive income respectively,” read a statement from Genting Singapore. “The disposal resulted in a decrease in net assets of $365.59 million in the consolidated statement of financial position.”

Genting Singapore declared that the end of March saw it holding $4.03 million in cash and equivalents, which was an improvement of almost 13% year-on-year, while its overall first-quarter debt had declined from $1.11 billion in 2016 to stand at $772.56 million.

“Resorts World Sentosa continues to lead Singapore’s tourism sector,” read the statement from Genting Singapore. “Voted as Asia-Pacific’s Best Integrated Resort by the TTG Travel Awards for six consecutive years, Resorts World Sentosa has consistently been the key driving force behind Singapore’s success in attracting international visitors, delivering more than one-third of international visitor arrivals annually.”

Finally, Genting Singapore is among many firms that are hoping to win the right to open one of the first integrated casino resorts in Japan and the company explained that it was continuing with its “growth and diversification plan” and was “allocating resources in tandem with the progress of the Japan integrated resort execution bill”.