Asia bulletin: Genting Singapore FY2022 revenue up 62%
Genting Singapore has published its Q4 and full-year results for 2022, posting SG$1.7bn (US$1.3bn) for 2022, up 62% year-on-year.
Furthermore, 2022 saw Genting Singapore generate SG$601.8m in profit, an increase of 84% from 2021, while net profit attributable to ordinary shareholders was up 85%, at SG$340.1m.
Genting Singapore also generated adjusted EBITDA of SG$774.2m for the full year 2022, a 73% increase.
The company’s adjusted EBITDA rose by SG$505.4m for H1 2022 and by SG$268.7m for H2 2022.
Non-gaming revenue at Genting saw the greatest year-on-year rise of any category, at 90%, with Singapore free from many of Covid-19’s restrictive lockdowns throughout 2022.
Noting the financial improvements made throughout 2022, Genting Singapore expressed cautious optimism over its ability to fully recover from the lasting impacts caused of the Covid-19 pandemic.
The statement read: “With the recovery of Singapore’s international visitors, the group’s performance rebounded strongly, with Resorts World Sentosa outperforming significantly over the pandemic years.
“Flight capacity and economic uncertainties will moderate the pace of recovery. We are cautiously optimistic for a full recovery in the medium term.”
Alongside its yearly financial report, Genting Singapore confirmed the reopening of the Festival Hotel at Resorts World Sentosa, which has been renovated to add 389 rooms.
This hotel opening is but one in a line of others planned, with Genting Singapore expected to complete the construction of the Singapore Oceanarium and Minion Land at Universal Studios Singapore.
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