Genting Singapore Q1 2024 results: 62% revenue increase

Genting Singapore sees an increase of 62% in its first-quarter revenue of 2024.

Genting Singapore
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Genting Singapore generated revenue totaling SG$784.4m (US$579.1m) and adjusted EBITDA of SG$369.5m for Q1.

This marks substantial year-on-year growth of 62% and 93%, respectively.

Specifically, gaming revenue rose to SG$576m, compared to last year’s SG$340m; while non-gaming revenue is valued at SG$208m, also an increase from last year’s SG$144m. 

Attributing to the revenue increase is Resorts World Sentosa (RWS), which has experienced a surge in visitors and increased spending during the Chinese New Year festivities due to the relaxation of visa regulations between China and Singapore, implemented in February 2024. 

Initiatives such as hosting the Sneaker Con Southeast Asia 2024 and Universal Studios Singapore’s debut of Naruto: The Gallery, both in March 2024 and attracting many visitors, also contributed to the revenue increase. 

In efforts to further boost visitor numbers to Sentosa, RWS has signed a Memorandum of Understanding (MOU) with Sentosa Development Corporation (SDC), DBS Bank (DBS), and Singapore Tourism Board (STB) to establish a collaborative Sentosa Precinct partnership.

These collaborations aim to enhance RWS' destination appeal and pave the way for transformation. 

Genting Singapore has seen positive growth since 2023, with an expansion of its casino hotel by 40% in November 2023.


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