• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 4 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Genting Singapore 2022 profit climbs to US$258 million as Resorts World Sentosa revenues soar in H2

Ben Blaschke by Ben Blaschke
Mon 20 Feb 2023 at 18:39
Increased entry levy to hurt Genting Singapore in 2019 and beyond: analysts

Resorts World Sentosa

103
SHARES
2.6k
VIEWS
Print Friendly, PDF & Email

Genting Singapore, owner and operator of Resorts World Sentosa, reported an 85% increase in income attributable to shareholders in the company to SG$345.1 million (US$258 million) in FY22, boosted by soaring revenues in the second half of the year.

The company released its financial results for both the year and the six months ended 31 March 2022 on Monday, with FY22 revenues climbing by 62% over 2021. Notably, Genting Singapore’s revenues in the second half of the year were 60% higher than H1 at SG$1.06 billion (US$794 million), of which gaming contributed SG$753.7 million (US$566 million) and non-gaming SG$307.8 million (US$230 million). For the full year, gaming revenues reached SG$1.23 billion (US$921 million), up 53% year-on-year, and non-gaming SG$490.8 million (US$367 million), up 90%

Adjusted EBITDA of SG$774.2 million (US$580 million) for the year, which represented a 73% year-on-year increase, included SG$505.4 million (US$548 million) in H2 and SG$268.7 million (US$292 million) in H1.

Commenting on its results, Genting Singapore said it was “cautiously optimistic” of achieving full recovery from the impact of the COVID-19 pandemic in the medium term, noting that it was now significantly outperforming the COVID years.

It also confirmed the impending opening of the revamped Festive Hotel at RWS this coming May, which will add 389 rooms to the resort’s overall hotel inventory, while expansion works under the property’s 2.0 project are well underway via “the construction of the Singapore Oceanarium, Minion Land at Universal Studios Singapore, and supporting infrastructure facilities to cater to the overall expansion of RWS.”

However, “flight capacity and economic uncertainties will moderate the pace of [RWS] recovery.”

In a note, Nomura analysts said they estimate RWS earned 40% market share in 4Q22, with VIP accounting for 60% of the property’s gaming revenues.

“Our estimates suggest that overall GGR is roughly back to ~90% of pre-COVID levels, which is impressive given the extremely limited inbound travel from Greater China market to Singapore,” said analysts Tushar Mohata and Alpa Aggarwal.

“Going forward, with full border reopening in China, we expect VIP visitations to recover first, followed by mass market when airfares ease and flight capacity ramps up.”

Nomura has raised its FY23 and FY24 EBITDA forecasts for Genting Singapore, to SG$1.01 billion (US$756 million) and SG$1.12 billion (US$839 million) respectively.

RelatedPosts

Age of Creation

Korea’s Paradise Co back on track in August as casino revenues soar past US$57 million

Wed 3 Sep 2025 at 05:33
Editorial – Beware the Lion King

Macau’s Galaxy Entertainment Group opens new office in Singapore

Tue 2 Sep 2025 at 05:05
Summit Ascent shareholders pave way for Suncity to take majority stake

LET Group and Summit Ascent report improved 1H25 performance on Tigre de Cristal upgrades, addition of export business in Russia

Mon 1 Sep 2025 at 05:16
Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

Sun 31 Aug 2025 at 08:45
Load More
Tags: 2022Genting SingaporeprofitResorts World SentosarevenueSingapore
Share41Share7
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR

Related Posts

Galaxy Macau signs four-year strategic partnership to bring UFC events to Galaxy Arena

Galaxy Macau signs four-year strategic partnership to bring UFC events to Galaxy Arena

by Pierce Chan
Thu 4 Sep 2025 at 12:13

Galaxy Entertainment Group has announced a four-year strategic partnership with the Ultimate Fighting Championship (UFC) to bring three UFC Fight Nights to Galaxy Macau’s Galaxy Arena between 2026 and 2029. Under the partnership Galaxy Arena will host the opening round...

Travellers Group set to take majority equity position in development of Manila’s LETX hotel and casino to pave completion roadmap, planned to become operator upon launch 

Suntrust begins process of transferring control of Manila’s LETX project to Travellers by acquiring shares in new entity

by Ben Blaschke
Thu 4 Sep 2025 at 12:02

Philippine-listed Suntrust Resort Holdings, Inc said Thursday that it has subscribed to 400 million common shares in Westside Bayshore Holding Corporation (WBHC) – the soon-to-be new holding company for Manila’s LETX integrated resort development – as the process to transfer...

Casinos remain closed as Goa extends lockdown measures for one week

Delta Corp puts Goa integrated resort project on hold pending resolution of crippling tax claims

by Newsdesk
Thu 4 Sep 2025 at 06:06

India’s Delta Corp has suspended construction of a US$285 million integrated resort project in Goa until it receives more clarity on moves to increase the GST charged on bets placed to 40% and retrospectively claim back taxes. The project, first...

Philippines international visitation back to 70% of pre-COVID levels

Foreign visitation to the Philippines down 2.8% from January to July on lower arrivals from South Korea and China

by Newsdesk
Thu 4 Sep 2025 at 05:19

The number of foreign visitor arrivals to the Philippines is down almost 3% for the first seven months of 2025 combined, impacted by the continued decline in visitation from key source markets South Korea and China. According to latest information...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English