GGRAsia – GEN Singapore quarterly profit circa double q-o-q and y-o-y

GEN Singapore quarterly profit circa double q-o-q and y-o-y

May 10, 2024 Newsdesk Latest News, Singapore, Top of the deck

First quarter net profit after tax rose quarter-on-quarter and year-on-year at casino operator Genting Singapore Ltd.

Such first-quarter profit was SGD247.4 million (US$182.8 million), a sequential gain of 108.6 percent on fourth quarter’s SGD118.6 million, and up 91.5 percent on the SGD129.2 million achieved in the first three months of 2023.

That was on first-quarter 2024 gaming revenue of SGD576.0 million, up 69.5 percent year-on-year, and up 30.6 percent sequentially.

First-quarter non-gaming revenue was SGD208.3 million, an increase of 44.2 percent year-on-year, though almost flat compared to fourth-quarter’s SGD206.1 million.

First-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were SGD369.5 million, an improvement of 92.7 percent year-on-year, and up 62.2 percent on the fourth quarter.

“Resorts World Sentosa has seen notable benefits from the increased visitorship and tourism spending during the Chinese New Year festive season, as well as from the relaxation of visa regulations between China and Singapore that took effect in February 2024,” said the company in commentary in its filing to the Singapore Exchange on Friday.

Resorts World Sentosa is one half of Singapore’s casino duopoly, the other half being Marina Bay Sands, run by Las Vegas Sands Corp.

Genting Singapore’s first-quarter review also gave some updates on its new non-gaming elements.

It is to host what it said was the “Asia premiere” of ‘Harry Potter: Visions of Magic’ in late 2024, an interactive exhibition across 40,000 square feet (3,716 sq. metres)

Genting Singapore added: “On May 10, Resorts World Sentosa signed a memorandum of understanding with Sentosa Development Corp, DBS Bank, and Singapore Tourism Board, to establish a collaborative Sentosa Precinct Partnership.”

The firm added: “All these initiatives will pave the way for a transformation of Resorts World Sentosa’s destination appeal.”

The update said construction work for the new Minion Land, the Singapore Oceanarium, and the Central Lifestyle Connector – the latter a revamp and expansion of an area featuring restaurants and shops previously known as the Forum –“remain on track for opening in phases from the first quarter of 2025”.

Genting Singapore added: “The ongoing tender for the new Waterfront development, including two hotels totalling 700 rooms, is expected to be awarded in the third quarter of this year, with on-site works targeted to commence by the fourth quarter of this year.”

The firm also noted: “The former Hard Rock Hotel, closed in March 2024, is undergoing extensive renovation and it will be relaunched as a new all-suites luxury hotel in early 2025.”