Genting Singapore reports rise in 2024 revenue
Net profit declined 5 per cent in year-on-year terms.
Singapore.- Genting Singapore has shared its financial results for the year 2024. It reported a 5 per cent increase in revenue from SG$2.4bn (US$1.8bn) to SG$2.53bn (US$1.90bn) while net profit declined 5 per cent in year-on-year terms to SG$578.9m (US$432.7m). Gross profit reached SG$836.1m (US$626m) down 5 per cent year-on-year.
Resorts World Sentosa (RWS) delivered adjusted earnings before interest, tax, depreciation and amortisation of SG$990.5m (US$742m) representing around 86 per cent of pre-Covid-19 adjusted EBITDA. Gaming revenue was SG$1.70bn (US$1.27bn), up 3.4 per cent year-on-year. Non-gaming revenue rose by 7.4 per cent year-on-year, to SG$826.1m (US$619m).
The company said: “While revenue has surpassed pre-Covid-19 levels, rising costs and inflationary pressure remain significant challenges, contributing to a 6 per cent decline in the Group’s adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA), which stood at SG$960.1m (US$718.3m).”
For the second half of the year, the casino operator reported a 34 per cent year-on-year decrease in earnings, amounting to SG$221.96m (US$166.1m). Revenue was 17 per cent lower year-on-year, totalling SG$745.6m (US$557.8m).
Genting Singapore said: “For RWS, 2024 was a pivotal year of transformative progress. We were integrating marketing efforts, automating and streamlining processes to enhance productivity. Together with these efforts, a significant investment will be made for a technological refresh that will embrace the use of artificial intelligence (AI) to improve efficiency and create personalised experiences. These projects will stretch into 2025/26. With the deployment of these technological advancements, earnings will exhibit good incremental results from the full launch of RWS 1.5 in the third quarter of 2025 (“Q3 2025”) onwards. We remain agile, staying ahead of tourism trends by enhancing our existing offerings with innovative events and experiences. These efforts support the resilience of our business.
“As we forge ahead, we remain committed to our RWS 2.0 transformative investments to further strengthen our reputation as the region’s premier destination, while driving strong sustainable growth for our stakeholders. On 14th February, we opened Universal Studios Singapore’s new themed zone, Illumination’s Minion Land. This will be followed by the opening of a super luxury all-suite hotel and the Singapore Oceanarium in Q3 2025.
“At the group level, we note that the Thai cabinet has given approval-in-principle to a draft Entertainment Complex Business Act on 13 January 2025, which could pave the way for the legalisation of casinos in Thailand. We are closely monitoring the development and will continue to evaluate and explore geographical diversification opportunities.”
