Genting Singapore posts revenue of US$363m for Q1

Genting Singapore’s revenue was up 54 per cent from last year but down 10.7 per cent quarter-on-quarter.

Singapore.- Genting Singapore has published its financial results for the first quarter of 2023. It’s reported a 45 per cent rise in gaming revenue when compared to last year. In quarter-on-quarter terms, the SG$339.9m (US$255m) total was down 8.6 per cent.

The company posted revenue of SG$484.5m (US$363m), up 54 per cent year-on-year and down 10.7 per cent sequentially. Net profit after taxation was SG$129.2m (US$96.9m), up 220 per cent year-on-year and up 7.8 per cent from the previous quarter.

Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) were up 54 per cent year-on-year to SG$191.7m (US$144m). The company posted a non-gaming revenue of SG$144.4m (US$108m), up 89.3 per cent year-on-year but down 15.3 per cent sequentially.

Genting Singapore said Resorts World Sentosa (RWS) has continued to benefit from the ongoing recovery of regional travel and gaming demand. However, it noted, “the recovery of non-gaming business was constrained by lagging overseas visitor arrivals from our traditional visitor source markets.”