Genting Singapore has reported net profit after taxation (NPAT) of $79.4 million for the 3QFY2024 ended Sept 30, 63% lower y-o-y and 27% lower q-o-q, amid the slower recovery of international visitor arrivals to Singapore.
Total revenue fell by 19% y-o-y to $561.9 million mainly due to the 28% y-o-y drop in gaming revenue from Genting Singapore G13 ’s integrated resort (IR), Resorts World Sentosa (RWS). Non-gaming revenue rose 1% y-o-y to $231.8 million for the 3QFY2024 while others, which is the group’s investment business along with other support services, rose by 2% y-o-y to $144,000.
Total revenue dipped by 2% on a q-o-q due to lower VIP rolling volume and win rate. According to the group, its non-gaming business rose by 22% q-o-q due to seasonality even though the Hard Rock Hotel was closed for renovation and re-branding. The SEA Aquarium was also closed for two days per week as it expands into the Singapore Oceanarium.
During the 3QFY2024, ebitda fell by 56% y-o-y to $152.4 million while adjusted ebitda fell by 53% y-o-y to $163.9 million.
Shares in Genting Singapore closed 1 cent lower or 1.18% down at 84 cents on Nov 7.
