Genting Singapore revenue up 5% to S$2.53bn for FY24
On the other hand, net profit was down 5% for the full year.
Key points:
– Adjusted EBITDA affected by rising costs and inflationary pressure
– Revenue has surpassed pre-Covid levels
Genting Singapore has released financial figures covering the full year for 2024.
During the course of last year, the group made S$2.53bn (US$1.89bn) in revenue, representing a rise of 5% year-on-year.
Looking closer at the revenue, all segments saw growth in 2024, with gaming revenue up 3% to S$1.70bn, non-gaming revenue with the highest growth at 7% to S$826.1m and other revenue rose 2% to S$598,000.
However, Genting Singapore’s profit did experience a drop for the period. Gross profit decreased 5% compared to 2023 to a figure of S$836.1m, while operating profit declined 6% to S$727.2m. Net profit went from S$611.6m in FY23 to S$578.9m in FY24.
Adjusted EBITDA also saw a decrease when compared to the prior period, with the figure dropping 6% to S$960.1m.
The group has said revenue has surpassed pre-Covid levels, but the reason for adjusted EBITDA’s fall in 2024 is owing to rising costs and inflationary pressure, though adjusted EBITDA in the fourth quarter did increase by 37% thanks to the performance of the gaming segment.
Good to know: SkyCity Entertainment released its financial results for 1H25 this week, showing falls in revenue, EBITDA and NPAT
Genting Singapore also noted that tourism in the country “recovered strongly” during the year, with a rise in the number of international arrivals from key market areas.
In other news from Asia this week, Bain Capital has taken over operational control of the Inspire Entertainment Resort in Korea.
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