Genting Singapore, operator of Singapore’s Resorts World Sentosa (RWS) reported Friday a 33% year-on-year increase in group-wide revenues to SG$689.9 million (US$507 million) for the three months to 30 September 2023, including a 20% increase in gaming revenues to SG$459.6 million (US$338 million).
In a filing, the company added that gross gaming revenues on a hold-normalized basis had grown by 31% quarter-on-quarter to SG$715.2 million (US$526 million), exceeding 2019 levels in both the VIP and mass gaming segments.
Non-gaming revenue improved by 22% quarter-on-quarter to SG$230.1 million (US$169 million), with Genting Singapore citing increased foreign visitor arrivals and higher customer spend during the summer holiday season.
The company had previously reported gaming revenue of SG$746.9 million (US$555 million) and non-gaming revenue of SG$333.2 million (US$248 million) for the first six months of 2023 combined, with Adjusted EBITDA of SG$452.5 million (US$337 million).
In 3Q23, Genting Singapore revealed a 38% year-on-year and 31% quarter-on-quarter increase in Adjusted EBITDA to SG$350.4 million (US$258 million), while net profit jumped by 59% year-on-year to SG$216.3 million (US$159 million).
The strong quarter reflects Singapore’s surging tourism industry post-COVID, with Changi Airport Group recently revealing that airport capacity had returned to 90% of 2019 levels in September and would soon reach full recovery.
Echoing this trend, Genting Singapore noted in its results announcement that Resorts World Sentosa “continued to benefit from the sustained recovery of travel and tourism.”
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