Genting Singapore 2024 financial results: Revenue, profit, gaming revenue, RWS 2.0, Resorts World Sentosa, Singapore casinos, Thailand expansion.
Genting Singapore’s financial performance had a rollercoaster year- as it reported an increase in gaming revenue concurrently with a drop in net gaming revenue. Genting Singapore is the operator of Resorts World Sentosa.
The annual revenue of Resorts World Sentosa increased by 5% to $2.5 billion while net profit declined by 5% to S$578.9 million (approximately PHP21.4 billion). This was based on a financial report released in the late afternoon of February 20, 2025.
Performance was particularly challenging in the first half of the year, but Q4 2024 showed signs of improvement in gaming revenue.
Outside of Southeast Asia’s largest economy, Genting Singapore is looking ahead to another economic titan, Thailand, for expansion.
What the financial overview for Genting Singapore looks like:
Genting Singapore posted a 34% decline in net profit to S$222 million . The number was a decrease from the S$334.9 million net profit it yielded in the same period of 2023.
For the same year, revenue dropped by 12% year-on-year to S$1.2 billion (approximately PHP44.4 billion).
Meanwhile, a strong Singapore dollar, higher travel costs, and seasonality have impacted Genting Singapore’s non-gaming revenue, posting a decline of 15 percent. It can be recalled that Singapore’s Gambling Regulation Authority only gave a 2-year license for RWS after what it described as a subpar performance.
Despite this, Genting Singapore logged a rise in gaming revenue (26%) in Q4. Meanwhile, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) grew 37% quarter-on-quarter, fueled by a strong gaming performance.
Singapore has some of the strictest gambling regulations in the world. Only two casinos - Resorts World Sentosa, and in Marina Bay Sands - are allowed to operate. GRA also said Singapore Pools is the only operator that can run remote gambling services.
RWS 2.0: What are Genting Singapore’s future growth and investment plans?
A major Genting Singapore project, the RWS 2.0 transformation plan is under way to enhance its position as a premier tourism and entertainment destination.
Here’s how the project will work:
Part of the pipeline for Genting Singapore is to mount 2 new luxury hotels, along with the Singapore Oceanarium. Genting Singapore also plans to invest in AI, automation, and event planning to drive more long-term visitors.
Other plans in motion?
Beyond Singapore, Genting is closely monitoring emerging opportunities in Southeast Asia, such as that of Thailand.
The Thai government’s approval-in-principle of the Entertainment Complex Business Act on January 13, 2025, could pave the way for casino legalization in Thailand. The Group has indicated its interest in evaluating geographical diversification opportunities should regulatory conditions become favorable.
"We note that the Thai cabinet has given approval-in-principle to a draft Entertainment Complex Business Act on 13 January 2025, which could pave the way for the legalization of casinos in Thailand. We are closely monitoring the development and will continue to evaluate and explore geographical diversification opportunities," Genting Singapore said.
Read related article: Singapore Gambling Declines, But Illegal Online Betting Rises
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