Genting Singapore posts 29% earnings surge in first half of FY2024

Genting Singapore has reported a 29% year-on-year increase in earnings for the first half of FY2024, reaching S$357 million ($263 million), driven by strong growth in both gaming and non-gaming segments.

The company posted revenue of S$1.35 billion ($1 billion) for the six months ended June, marking a 25% increase compared to the same period last year. Adjusted EBITDA rose by 26% year-on-year to S$570.8 million ($433.5 million).

Gaming revenue surged 28% year-on-year to S$957.6 million ($727.2 million), while non-gaming revenue grew by 19% to S$333.2 million ($253 million), buoyed by increased visitor numbers and spending at Resorts World Sentosa (RWS), the company’s flagship integrated resort.

However, Genting Singapore faced challenges in the second quarter, with adjusted EBITDA dropping to S$201.3 million from S$367 million in the first quarter, attributed to seasonal factors, a lower VIP hold rate, and the temporary closure of Hard Rock Hotel for renovations and rebranding. 

Despite these headwinds, the company remains optimistic about the second half of the fiscal year. RWS is set to launch four major intellectual property partnerships, including "Mega Minions" from Illumination’s Despicable Me 4 at Universal Studios Singapore and the Asian debut of "Harry Potter: Visions of Magic." These initiatives are expected to boost visitor numbers and spending.

The first phase of RWS 2.0, Genting Singapore's expansive redevelopment project, is on track for a soft opening in early 2025. This phase includes the introduction of Illumination’s Minion Land and the Singapore Oceanarium, alongside other enhancements such as the Central Lifestyle Connector and a new all-suite hotel.

Genting Singapore stated: "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."