Genting Singapore declared an upswing in earnings and net income for the initial period of fiscal year 2023. The organization stated the expansion was driven by the sustained recovery of regional travel and gaming demand, which transpired after the elimination of nearly all remaining COVID-related restrictions.
Genting Singapore declared first-quarter earnings and net income growth – iGB
Home > Finance > Quarterly Results > Genting Singapore declares first-quarter earnings and net income growth
Nevertheless, the operator also observed that the recovery of its non-gaming business was restricted by the lagging number of foreign travelers from its traditional source markets, while airline capacity limitations continued to suppress inbound mass leisure travel flows.
Furthermore, the operator indicated that elevated airfare prices during the holiday period impacted visitor figures, resulting in a 15% quarter-on-quarter decline in non-gaming earnings.
First Quarter
Earnings for the three months ending March 31 were S$484.5 million (£290.4 million/€333.3 million/$362.2 million), up 54.1% year-on-year.
This encompassed S$339.9 million from gaming operations, up 45.0%, while non-gaming earnings also increased by 90.0% year-on-year to S$144.4 million. Other earnings, from its investment operations and other hotel and support services, declined 95.5% to S$169,000.
During the initial three months, Genting Singapore’s modified earnings before interest, taxes, depreciation, and amortization (EBITDA) attained $191.7 million, representing a 53.6% surge in comparison to the corresponding period in the previous year. Of this sum, the Singapore integrated resort’s EBITDA amounted to $196.6 million, partially offsetting a $4.9 million deficit from other operations.
After factoring in $2 million in supplementary expenses, EBITDA reached $189.7 million, signifying a 55.9% year-over-year rise, while net profit for the quarter stood at $129.2 million, reflecting a 219.8% year-over-year increase.
Regarding future prospects, Genting Singapore’s company secretary, Liew Lan Xing, stated that the company will persist in implementing its Resorts World Sentosa 2.0 strategy, introducing diverse initiatives for the integrated resort to enhance its brand recognition.
“As we proceed with the execution of the Resorts World Sentosa 2.0 strategy, the group is dedicated to augmenting the brand image of Resorts World Sentosa, transforming it into a premium luxury destination that draws stylish and affluent patrons,” Liew remarked.
“We will invest in two primary phases to enhance all our product offerings. Phase one, Resorts World Sentosa 1.5, encompasses redesigning and innovating our facilities to elevate the destination appeal of Resorts World Sentosa and garner greater demand from our target markets.”
The strategy encompasses a comprehensive overhaul of the 389-room Festive Hotel, which has been rebranded as the Ora Hotel and commenced welcoming guests in April 2023.
Resorts World Sentosa (RWS) is undergoing a significant transformation in May 2023. The central hub for guests, the forum, will be completely revamped.
In the meantime, progress on Minion Land at Universal Studios Singapore and the S.E.A Aquarium is progressing smoothly. They are targeting a gradual opening in 2025.
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