Genting Singapore sees revenue decline in Q1
Revenue was down 20 per cent year-on-year.
Singapore.- Genting Singapore has published its financial results for the first quarter of 2025. Revenue was SG$626.2m (US$481m), down 20 per cent in year-on-year terms but up 2 per cent when compared to the previous quarter.
The company posted gaming revenue of SG$437.5m (US$336m), down 24 per cent year-on-year but up 5 per cent sequentially. Non-gaming revenue was SG$188.5m (US$145m), down 10 per cent year-on-year and down 4 per cent quarter-on-quarter.
The company said the gaming business benefited from Chinese New Year while the non-gaming business experienced softer demand due to the impact of a strong Singapore dollar and ongoing renovation works at Resorts World Sentosa (RWS) as part of the RWS 2.0 transformation project.
Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) were SG$235.8m (US$181m), down 36 per cent year-on-year but up 5 per cent sequentially. Net profit after taxation was SG$144.9m (US$111m). That’s a decrease of 41 per cent year-on-year but a rise of 2 per cent sequentially.
Genting Singapore said: “Compared to the same quarter last year, the results for the current quarter was affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.
“The group’s performance was also weaker in comparison with the previous year where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024. RWS continued to advance its bold transformation journey. With a slate of high-impact projects lined up for 2025 and beyond, RWS is redefining destination entertainment not just in Singapore but in Asia.
“Looking ahead, the launch of WEAVE will continue to mark a new chapter in RWS’s retail and dining evolution. This vibrant lifestyle enclave, blending nature, art, and culture, will house more than 40 exciting stores, including new-to-market concept and flagship boutiques such as the culinary debuts of Pierre Hermé’s haute patisserie and flagship maison; a French bistro by renowned chef Paul Pairet; Korea’s favourite Standard Bread; and WeWa offering Mediterranean bites.
“Construction has also begun on the iconic RWS 2.0 Waterfront Complex. Once completed, this waterfront promenade will unveil another two luxury new hotels, a four-storey retail, entertainment and dining podium. At the heart of the new waterfront will be an 88-metre-tall light sculpture by the award-winning Heatherwick Studio. The development will also include a mountain trail offering views of the Greater Southern Waterfront area and Singapore’s Central Business District from the south.
“Amid heightened geopolitical trade tensions and macroeconomic headwinds, the group continues to adopt a prudent and adaptive approach, leveraging on our strong regional presence and financial strength to navigate through a challenging global environment.”
