Genting Singapore posts annual net profit of US$456m in 2023

Net profit was up 80 per cent when compared to the previous year.
Net profit was up 80 per cent when compared to the previous year.

Revenue was up 40 per cent year-on-year to SG$2.4bn (US$1.8bn).

Singapore.- Genting Singapore has shared its financial results for the year 2023. It reported an 80 per cent increase in net profit from SG$340.1m (US$254.6m) to SG$611.6m (US$456m). Revenue increased 40 per cent year-on-year to SG$2.4bn (US$1.8bn). 

Resorts World Sentosa (RWS) delivered adjusted earnings before interest, tax, depreciation and amortisation of SG$1.1bn (US$788m) representing around 86 per cent of pre-Covid-19 adjusted EBITDA. Gaming revenue was up 34.1 per cent year-on-year to SG$1.65bn (US$1.23bn).

See also: Singapore gaming revenue could grow by 10% in 2024, Fitch Ratings says

The company said it “remains passionate in its commitment to enhancing RWS’ brand as Asia’s premium tourism destination with elevated offerings and visitor experiences.” 

It said: “The ongoing developments taking place at the Forum Lifestyle zone, Universal Studios Singapore’s Minion Land and the Singapore Oceanarium are progressing well and on track to a soft opening in early 2025. 

“The tenders have been issued for the new waterfront development, featuring 700 hotel keys and immersive lifestyle offerings, with tender returns expected in the second quarter of this year. Renovation and upgrading works in the entire resort will be refurbished in phases that will include all our existing hotels and food & beverage outlets, attractions and the casino.”

Genting Singapore appoints Andrew MacDonald as director of RWS

In a separate statement, Genting Singapore has announced Andrew MacDonald, the chief casino officer of RWS since 1 September 2022, has been appointed as the director of the venue.

The casino operator stated: “The nominating committee and the board have assessed and are satisfied that Andrew MacDonald has the qualifications and experience to be appointed as the director of RWS, the indirect wholly-owned subsidiary of the company.”

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