Genting Singapore on Friday cited the relaxation of visa regulations between China and Singapore for a boost in visitation during the first three months of 2024, helping the group record a 62% year-on-year and 21% sequential improvement in revenue to SG$784.4 million (US$579 million).
The 1Q24 result was driven by the gaming segment at Genting Singapore’s Resorts World Sentosa (RWS), where gaming revenue climbed 69% year-on-year and 31% quarter-on-quarter to SG$576.0 million (US$425 million). Non-gaming booked 44% year-on-year and 1% sequential revenue growth to SG$208.3 million (US$154 million).
Adjusted EBITDA of SG$369.5 million (US$273 million) was up 93% year-on-year and 62% on the fourth quarter of 2023, with net profit of SG$247.4 million (US$183 million).
In assessing the Q1 results, Genting Singapore said it has seen notable benefits from the increased visitation and tourism spending during the Chinese New Year festive season, as well as from the relaxation of visa regulations between China and Singapore that took effect in February 2024.
The company also said it is working with key industry leaders to boost visitation to RWS, having signed on 10 May a Memorandum of Understanding with Sentosa Development Corporation, DBS Bank and Singapore Tourism Board to establish a collaborative Sentosa Precinct Partnership.
“All these initiatives will pave the way for a transformation of RWS’ destination appeal.”
Meanwhile, Genting Singapore revealed it expects to commence on-site development work for its US$5 billion waterfront expansion project in the fourth quarter of the year.
“Construction works for the new Minion Land, the Singapore Oceanarium and the Central Lifestyle Connector remain on track for opening in phases from the first quarter of 2025,” it said.
“The ongoing tender for the new Waterfront development, including two hotels totalling 700 rooms, is expected to be awarded in the third quarter of this year, with on-site works targeted to commence by the fourth quarter of this year. The former Hard Rock Hotel, closed in March 2024, is undergoing extensive renovation and it will be relaunched as a new all-suites luxury hotel in early 2025.”
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