Genting Singapore has posted earnings of $357 million for the 1HFY2024 ended June, up 29% from the same period last year.
The company delivered a 1HFY2024 revenue of $1.35 billion, a 25% growth y-o-y. Adjusted ebitda improved 26% y-o-y to $570.8 million.
Gaming revenue grew by 28% y-o-y to $957.6 million, while non-gaming revenue grew 19% y-o-y to $333.2 million.
Meanwhile, geopolitical headwinds, together with high transport and accommodation costs have dented growth in 2QFY2024. On a q-o-q basis, Genting Singapore G13 ’s adjusted ebitda in 2QFY2024 was weaker at $201.3 million due to seasonality, a significantly lower VIP hold than the first quarter and the closure of Hard Rock Hotel for renovations and rebranding.
In 2HFY2024, Resorts World Sentosa (RWS) will roll out four “global blockbuster” intellectual property partnerships, the company says.
This includes Mega Minions from Illumination’s Despicable Me 4 at Universal Studios Singapore, Genshin Impact at S.E.A. Aquarium and Netflix’s global hit Sweet Home at the upcoming Universal Studios Singapore Halloween Horror Nights. In October, Harry Potter: Visions of Magic will also make its Asian debut at RWS.
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The company anticipates these differentiated programmes and events to boost both visitorship and spending at RWS.
The first phase of its mega expansion plan RWS 2.0 — comprising Illumination’s Minion Land and the Singapore Oceanarium, along with the ongoing development of Central Lifestyle Connector and an all-suite hotel in place of Hard Rock Hotel — remain on track for soft opening in early 2025.
“Together, these transformational projects will elevate RWS entirely with a greater variety of visitor offerings and experiences. In addition, the Waterfront development which includes two new luxury hotels, is expected to begin construction in the fourth quarter this year,” the company says.
Shares in Genting Singapore closed 1.5 cents higher or 1.87% up on Aug 14 at 81.5 cents.
