Asia bulletin: Genting Singapore announces Q1 2023 results, revenue up 54%

The financial results from Genting Singapore detail a lot of its future plans for Resorts World Sentosa, one of the major projects currently underway at the company.

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Genting Singapore has released its full financial reports for Q1 2023.

Revenue for the Singapore Integrated Resort was up 54% across both gaming and non-gaming segments, totalling $484.5m.

Total gaming revenue amounted to $339.9m, a 45% increase, while non-gaming saw an 89% increase to $144.4m.

A 54% increase was also seen in Genting Singapore’s adjusted EBITDA, with a total of $191.7m.

Liew Lan Hing, Company Secretary for Genting Singapore, said: “The recovery of non-gaming business was constrained by lagging overseas visitor arrivals from our traditional visitor source markets.

“Airline capacity constraints have continued to cap incoming mass leisure tourist traffic. Elevated airfares during the festive seasons have also impacted visitor volume for the attractions, resulting in a 15% dip in the overall non-gaming revenue from the previous quarter.”

Following the Q1 period, Genting Singapore also launched Hotel Ora, a rebranding project from the previously named Festive Hotel.

The 389-room facility welcomed its first guests in April 2023, which will be reflected in the Q2 2023 reports.

Genting Singapore plans to renovate both Hotel Michael and Crockfords Tower in the future.

On Resorts World Sentosa (RWS), Hing continued: “Looking ahead, as we continue with RWS 2.0 strategy, Genting Singapore is committed to enhancing RWS’ brand identity as a premium luxury destination that appeals to trendy and affluent customers.

“To be carried out in two major stages, we will be investing to enhance all our product offerings.

“The initial stage involves re-inventing and innovating our facilities to upscale RWS’ destination appeal and achieve better demand from our target markets.”

For a complete look at how Asian operators fared in Q4, Gambling Insider published a report comparing the details and analysing the facts.


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