Genting Singapore, the operator of Resorts World Sentosa (RWS), has reported a remarkable 33% year-on-year increase in group-wide revenues, reaching SG$689.9 million (US$507 million) for the third quarter ending on September 30, 2023. The stellar performance was fueled by a 20% rise in gaming revenues, totaling SG$459.6 million (US$338 million), showcasing the company’s resilience and recovery in the post-COVID era.
Gaming Segment Highlights:
The filing revealed that gross gaming revenues, when normalized for hold, experienced a robust 31% quarter-on-quarter growth, reaching SG$715.2 million (US$526 million). Impressively, this exceeded 2019 levels in both the VIP and mass gaming segments, signaling a strong resurgence in gaming activities.
Non-Gaming Revenue Boost:
Non-gaming revenue also witnessed a substantial improvement, rising by 22% quarter-on-quarter to SG$230.1 million (US$169 million). This surge was attributed to increased foreign visitor arrivals and higher customer spending during the summer holiday season, contributing to the diversified revenue streams at Resorts World Sentosa.
Financial Performance Metrics:
In the third quarter of 2023, Genting Singapore reported a noteworthy 38% year-on-year increase and a 31% quarter-on-quarter surge in Adjusted EBITDA, reaching SG$350.4 million (US$258 million). Net profit witnessed an impressive 59% year-on-year jump, totaling SG$216.3 million (US$159 million), underscoring the company’s strong financial standing and recovery trajectory.
Tourism Recovery Impact:
The robust quarterly performance aligns with Singapore’s resurging tourism industry post-COVID, as indicated by Changi Airport Group’s disclosure that airport capacity had returned to 90% of 2019 levels in September, with full recovery imminent. Genting Singapore emphasized that Resorts World Sentosa continued to benefit from the sustained recovery of travel and tourism, contributing to the positive momentum.
Genting Singapore’s stellar Q3 results underscore its resilience and strategic positioning in the evolving landscape of post-pandemic recovery. The notable growth in gaming and non-gaming revenues, coupled with strong financial metrics, reflects a positive outlook for the company, positioning Resorts World Sentosa as a key player in the ongoing resurgence of Singapore’s tourism and entertainment sector.