Genting Singapore posts net profit of US$205.6m for H1 

Genting Singapore posts net profit of US$205.6m for H1 

Genting Singapore’s profit was up 227 per cent from H1 2022.

Singapore.- First-half net profit at Genting Singapore jumped by 227.7 per cent year-on-year to SG$276.7m (US$205.6m). Profit was boosted by a strong VIP win rate and a rebound in the non-gaming business at Resorts World Sentosa.

Gaming revenue rose 57 per year-on-year to SG$746.9m (US$555m) and non-gaming revenue 82 per cent to SG$333.2m (US$248m). Genting Singapore’s consolidated revenue was up 63 per cent to SG$1.08bn (US$803m).

First-half adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) were up 68.4 per cent year-on-year at SG$452.5m (US$337m). Cost of sales in the six months to June 30 was up 46.3 per cent year-on-year at SG$677.2m.

Resorts World Sentosa generated adjusted EBITDA of US$268.4m, a 37 per cent increase from the previous quarter. The better EBITDA performance was “a result of the rebound in non-gaming business, a higher-than-theoretical VIP win rate and recovery in regional gaming business,” the company said.

The firm noted that foreign visitor arrivals in Singapore continued to improve but that limited air capacity from certain regional countries and elevated airfares affected leisure travel.

See also: Genting Singapore rating upgraded to “Buy”

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