Genting Singapore First Quarter Figures off the Roof
Genting Singapore has published its Q1 trading report, revealing a total revenue of $784.4 million for the quarter. The total represents a year-on-year increase of 62% compared to $484.5 million in the first quarter of 2023.
Genting Singapore operates Resorts World Sentosa, one of Singapore's largest and most popular integrated resorts.
LISTEN TO THIS ARTICLE:For the three months ending March, the group posted a net profit after tax of $247.4 million, rising significantly by 92% to last year’s $129.2m. Adjusted EBITDA soared to $367.6 million, a 94% increase compared to the Q1 2023 figure of $191.7 million.
Gaming revenue surged by 69% to $576 million, exceeding the 44% year-over-year growth in non-gaming revenue, which reached $208.3 million.
The company credited the growth to high visitor numbers, increased tourism spending during the Chinese New Year (CNY) festivities, and eased visa regulations between China and Singapore in February.
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Genting Singapore Shares Saw High Opening
Following the report's release last Friday, Genting Singapore shares saw an uptick in their opening. They traded as high as 94 cents, marking a 6.21% increase over last Friday's closing price.
As we have posited for more than a year now, Genting Singapore benefited from the en masse return of Chinese visitors. Adjusted for normal VIP win rate, we expect 2Q24 to be seasonally slower but 3Q24 and 4Q24 to be seasonally stronger.
A subsidiary of the Genting Group, Genting Singapore is one of Singapore’s largest public-listed companies. It operates Resorts World Sentosa, a highly popular and leading integrated resort in Singapore.
In January, the operator announced its plan to bid for an integrated resort (IR) and casino license in Thailand if the government relaxed its restrictions on the casino industry.
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