Revenue was down 19 per cent year-on-year and 2 per cent sequentially.<\/p>\n\n\n\n\n\n\n\n
Singapore.-\u00a0Genting Singapore\u00a0<\/strong>has shared its financial results for the third quarter of the year. It posted a revenue of SG$561.9m (US$423.5m), down 19 per cent year-on-year<\/a> and 2 per cent sequentially. The decrease was mainly attributed to a 28 per cent year-on-year drop in gaming revenue from the integrated resort (IR),\u00a0Resorts World Sentosa<\/strong>\u00a0(RWS), to SG$330m (US$250m).<\/p>\n\n\n\n Non-gaming revenue, however, was up 1 per cent year-on-year and 22 per cent sequentially to SG$231.8m (US$174.7m). Revenue from other segments, including the group\u2019s investment business and support services, rose by 2 per cent year-on-year to SG$144,000 (US$108,529).<\/p>\n\n\n\n The company also posted a net profit after tax of SG$79.4m (US$59.8m)<\/strong>, down 63 per cent year-on-year and 27 per cent in quarter-on-quarter terms. EBITDA fell by 56 per cent year-on-year to SG$152.4m (US$114.9m), while adjusted EBITDA fell by 53 per cent year-on-year to SG$163.9m (US$123.5m).<\/p>\n\n\n\n The quarter-on-quarter decline in the company\u2019s performance was mainly attributable to lower VIP rolling volume and win rate. The non-gaming business improved due to seasonality, despite the full closure of Hard Rock Hotel for renovation and re-branding, and the S.E.A. Aquarium\u2019s weekly two-day closure for its expansion into the Singapore Oceanarium.<\/p>\n\n\n\n The casino operator also stated that despite a slower recovery of international visitor arrivals to Singapore, RWS has continued to advance its transformation to improve its appeal as a destination and enhance visitor experiences.<\/p>\n\n\n\n The Singapore Tourism Board (STB)<\/strong>\u00a0reported that the country received\u00a012.59 million tourists<\/a> <\/strong>in the first nine months of the year. China was the top source market, with 2.47m visits.<\/p>\n\n\n\n The company also stated that, in the third quarter of 2024, RWS has achieved “a significant milestone” by awarding the construction contract for the Waterfront development and work will commence this month. The Waterfront development includes two new luxury hotels featuring 700 keys, four-storey podium housing entertainment offerings, as well as retail and dining outlets.<\/p>\n\n\n\n As regards RWS 2.0, Genting Singapore has said that progress developments are ongoing. The first phase began in the second quarter of 2022. Key components include the expansion of Universal Studios Singapore and the transformation of the S.E.A. Aquarium into the Singapore Oceanarium. Genting Singapore announced an investment of approximately SG$6.8bn (US$5bn)<\/a> last November. <\/p>\n\n\n\n Moody\u2019s Investors Service has affirmed Genting Singapore<\/strong>\u2018s credit rating at A3, indicating upper-medium grade and low credit risk. The outlook for the company remains stable. Analysts said Upward movement of the rating was unlikely, \u201cgiven Genting Singapore\u2019s small scale compared with its global peers and its concentration in Singapore.\u201d<\/p>\n\n\n\n Moody\u2019s expects the company\u2019s earnings before interest, taxation, depreciation and amortisation (EBITDA) to reach SGD1.2bn (US$906.8m) this year, reflecting a slight increase as demand has softened amid economic uncertainty. Analysts noted that the casino operator\u2019s operational capacity has temporarily fallen due to the closure of a hotel for renovations. They forecast that EBITDA will grow to SGD1.3bn in 2025 as new attractions open gradually.<\/p>\n\n\n\nMoody\u2019s affirms A3 credit rating for Genting Singapore<\/h2>\n\n\n\n