Genting Singapore posts revenue of US$580m for Q1

Revenue was up 62 per cent from last year.

Singapore.- Genting Singapore has published its financial results for the first quarter of 2023. Revenue was SG$784.4m (US$580m), up 62 per cent in year-on-year terms and up 21 per cent when compared to the previous quarter.

The company posted gaming revenue of SG$576m (US$425.6m), up 69 per cent year-on-year and up 31 per cent sequentially. Non-gaming revenue was SG$208.3m (US$154m), up 44 per cent year-on-year and up 1 per cent quarter-on-quarter.

Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) were SG$369.5m (US$273m), up 93 per cent year-on-year and 62 per cent sequentially. Net profit was SG$247.4m (US$183m).

Genting Singapore said Resorts World Sentosa (RWS) benefited from increased visitorship and tourism spending during the Chinese New Year festive season, as well as from the relaxation of visa regulations between China and Singapore in February 2024. 

Construction work for the new Minion Land, the Singapore Oceanarium, and the Central Lifestyle Connector remain on track for opening in phases from the first quarter of 2025. The ongoing tender for the new Waterfront development, including two hotels totalling 700 rooms, is expected to be awarded in the third quarter of this year, with on-site works targeted to commence by the fourth quarter of this year. 

The former Hard Rock Hotel, closed in March 2024, is undergoing renovation and will be relaunched as a new all-suites luxury hotel in early 2025.

See also: Analysts have positive outlook for Genting Singapore in 2024