Genting Singapore closes strong on first half of 2023 with USD 336M EBITDA

The performance of the ASEAN casino and gaming giant was spurred by continuous tourism in the country; non-gaming businesses raked in higher revenues; recovery of gaming in ASEAN also contributed.

Original story by Asia Gaming Brief

Genting Singapore has announced a strong first half of 2023, with adjusted EBITDA rising 68 percent to SG$452.5 million ($336 million), as consolidated revenue rose by 63 percent yearly to SG$1.1 billion ($817 million).

According to the Thursday filing, the operator of the Resorts World Sentosa (RWS) casino complex posts a net profit of SG$276.7 million ($206 million), up 228 percent from 1H22.

Genting Singapore notes that foreign visitor arrivals into Singapore continued to improve. However, limited air capacity from certain regional countries and elevated airfares affected leisure travel.

Earlier this year, analysts forecasted that a slowdown of China’s economy could threaten Genting, who rely on the inflow of tourists from the mainland.

At the property level, the firm highlights that RWS delivered an adjusted EBITDA of $200 million for 2Q23, a 37 percent improvement from 1Q23. “The better performance was a result of the rebound in non-gaming business, a higher-than-theoretical VIP win rate, and recovery in the regional gaming business.”

In addition, on a hold-normalized basis, gross gaming revenue (GGR) improved 3 percent QoQ to $407 million, reaching near the levels of 2019.

Non-gaming revenue improved 31 percent QoQ to $140.2 million due to improved attractions’ attendance and spending per customer driven by intensified marketing and promotional efforts.

Regarding future moves, the company stresses continuing to build on the brand identity and position of RWS as a premium lifestyle destination that appeals to the trendy and affluent.

As part of RWS 1.5, the renovation work of the Forum began in May 2023. “This will create a 20,000 sqm 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 is progressing well.

Learn more details about Genting’s next steps towards strengthening its position and brand in the original article by Asia Gaming Brief at: https://agbrief.com/news/singapore/10/08/2023/genting-singapore-adjusted-ebitda-jumps-68-percent-y-on-y-to-336-million-in-1h23/