Genting Singapore saw its net profit soar more than threefold to SG$276.7 million (US$205.6 million) in the first six months of 2023, aided by strong VIP win rate and a rebound in the non-gaming business at Resorts World Sentosa.
According to the company’s 1H23 financial results, profit for the period improved from SG$84.4 million (US$62.7 million) a year earlier – aided by a 57% year-on-year increase in gaming revenue to SG$746.9 million (US$555 million) and 82% increase in non-gaming revenue to SG$333.2 million (US$248 million). Consolidated revenue was up 63% to SG$1.08 billion (US$803 million), with Adjusted EBITDA of SG$452.5 million (US$337 million) rising 68% on 1H22.
Genting Singapore noted that, on a hold-normalised basis, gross gaming revenue (GGR) improved 3% quarter-on-quarter to SG$547.9 million (US$407 million) – rapidly approaching 2019 levels – while non-gaming revenue improved 31% quarter-on-quarter to SG$188.7 million (US$140 million). This was due to improved attractions attendance and spend per customer driven by intensified marketing and promotional efforts, the company explained.
It also outlined progress on renovation and expansion works at RWS, with an upgrade of the Forum having begun in May 2023.
“This will create a 20,000 square meter central lifestyle cluster, offering a wide variety of upscale restaurants, specialty shops, entertainment and iconic concept stores in a biophilic environment,” Genting Singapore said.
“The construction of Minion Land at Universal Studios Singapore and the Singapore Oceanarium under RWS 2.0 are progressing well. Other components of RWS transformation, including the new Waterfront building, Equarius Hotel extension and the new Health and Wellness Centre are targeted to commence construction in 2024 following Government approvals.”
