Genting Singapore to post EBITDA of US$180.9m for Q2, analysts say

Genting Singapore posted revenue of US$580m for Q1.

06/27/24

Morgan Stanley predicts a sequential decline of about 35 per cent.

Singapore.- Morgan Stanley Asia has predicted that Genting Singapore, the operator of Resorts World Sentosa (RWS), will post earnings before interest, taxation, depreciation, and amortisation (EBITDA) of SG$245m (US$180.9m) for the first quarter. The figure would represent a sequential decrease of 35 per cent and a decrease of 80 per cent when compared to the second quarter of 2019, before the Covid-19 pandemic.

Analysts Praveen Choudhary and Gareth Leung said the decrease is mainly due to seasonal factors, lower visitor numbers compared to the previous quarter, and a 23 per cent reduction in operational room capacity quarter-on-quarter.

In the first quarter of the year, the company posted revenue of 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. 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).

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