Although maintaining a ‘cautiously optimistic’ outlook for Genting Singapore in 2024, Maybank cuts its EBITDA and core net profit estimates by 6 percent and 11-12 percent, respectively.

The first half of the year has proved to be a happy merry-go-round for every gaming operator in the block, with Genting Singapore’s adjusted EBITDA and revenue skyrocketing in the first half of 2023.

Genting Singapore has announced a strong first half of 2023, with adjusted EBITDA rising 68 percent to SG$452.5 million ($336 million), as consolidated revenue rose by 63 percent yearly to SG$1.1 billion ($817 million).

Genting Singapore has seen its rating upgraded from “outperform” to “buy” by CLSA, after Las Vegas Sands released its results for the second quarter of this year.

Integrated resort operator Genting Singapore reported a 220 percent increase in its net profit after taxation to SGD129 million ($97 million) for the first quarter ended Mar 31, 2023, from SGD40.4 million ($30.3 million) in the same period one year ago.

The head of casino operator Genting Singapore Ltd, Lim Kok Thay, notes that the firm is expecting “continued recovery of travel and tourism”, mentioning that the “recovery pace may be inconsistent due to international flight capacities and unexpected border measures. Further, economic uncertainties and inflationary pressure as well as manpower challenges emerge as areas of concern”.

Singapore, lovely Singapore. The merlion city cemented its Asian gaming crown in 2022, with Resorts World Sentosa seeing massive upticks in gaming revenue, leading the group to a stunning $258 million profit.

Genting Singapore has posted an 86 percent increase in profit for 2022, totaling SG$345.06 million ($258.32 million), as Resorts World Sentosa saw strong rebounds during the second half of the year.

Ratings agency Moody’s has changed its outlook on Genting Berhad and Genting Singapore, shifting the rating to stable from negative.

Good news across the board (except Macau) in quarterly results, with Genting Singapore seeing a 123 percent yearly increase in profit, as Resorts World Sentosa registered $275.9 million in gross gaming revenue in 3Q22, led by 'affluent' customers - a segment it plans to focus more on.