Genting Singapore keeps growing – and the results are even better than expected! During the first three months of the year, the profit tripled and rose to SG$276.7 million, or US$205.6 million.?
Huge increase in revenue:
The VIP win rate is very strong, and the results are backed up by the non-gaming business that was established in Resorts World Sentosa.?
The financial results from 1H23 were announced. The profit in the previous year, which was SG$ 84.4 million, or US$62.7 million, increased by 57% by this year’s report. The gaming revenue increased to SG$ 746.9 million (US$555 million).
When it comes to the non-gaming revenue, it also increased by 82%, and it was SG$ 333.2 million, or US$248 million.?
Consolidated revenue is also higher, with the amount of SG$1.08 billion (US$248 million), which is 63% more than in the year before. Adjusted EBITDA was SG$ 452.5 million (US$337 million), with a 68% increase compared to 1H22.
According to the company’s report, when it comes to the gross gaming revenue also increased by 3% compared to the quarter before. It was SG$ 547.9 million (US$407 million), which becomes closer to the revenue from 2019, when these results were better than in later years, probably due to restrictions caused by the COVID-19 pandemic.?
Non-gaming revenue also increased by 31% during the last quarter, and it is SG$188.7 million (US$140 million). As the company claims, the main reason behind this increase is investing more effort in various marketing and promotional activities, which led to increased attendance to attractions and spending per customer.
The trend of the revenue increase seems to be continuing, since in 2022 the company’s revenue in its famous Resort World Santosa property increased by 85%. Will the growth become constant? It remains to be seen.
Hard work on renovations and upgrades:
The works on renovation and expansion of the Resorts World Sentosa aren’t negligible as well. The construction is going according to the plans, and the main focus is the Forum, which will be upgraded. The work on the Forum started in May this year.
Genting Singapore commented on the renovations: “This will create a 20,000 square meter central lifestyle cluster, offering a wide variety of upscale restaurants, specialty shops, entertainment, and iconic concept stores in a biophilic environment. The construction of Minion Land at Universal Studios Singapore and the Singapore Oceanarium under RWS 2.0 are progressing well. Other components of RWS transformation, including the new Waterfront building, Equarius Hotel extension, and the new Health and Wellness Centre are targeted to commence construction in 2024 following Government approvals.”