Genting Singapore revenue up in 1H24 despite drags from low VIP hold in 2Q24

Genting Singapore has announced a 25 percent increase in revenue for the first half of the year, reaching SG$1.35 billion and with net profit rising by 29 percent to SG$356.91 million.

The group’s gaming revenue during the period totaled SG$957.6 million, up from the SG$746.95 million registered in 1H23.
Hotel rooms brought in SG$121.52 million in revenue, while Attractions were the group’s highest non-gaming contributor, at SG$201.27 million.
EBITDA rose by some 30 percent yearly, to SG$568.19 million.
Looking purely at the second quarter, adjusted EBITDA ‘was weaker at SG$201.3 million due to seasonality, a significantly lower VIP hold than the first quarter, and the closure of Hard Rock Hotel for renovations and rebranding,’ notes the company.
Describing the group’s ongoing evolution of Resorts World Sentosa, Genting notes that ‘The first phase of RWS 2.0 comprising Illumination’s Minion Land and the Singapore Oceanarium, along with the ongoing development of our Central Lifestyle Connector and an all-suite hotel in place of Hard Rock Hotel, remain on track for soft opening in early 2025’.

The group is also planning a strong program of events for the second year, which is ‘anticipated to boost both visitorship and spending at RWS’.

Casino EBITDA Non-gaming Singapore Resorts World Sentosa Revenue

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