Good Morning: Singapore’s Merlion must be smiling, as tourism rebounded strongly in the city in the third quarter, prompting Resorts World Sentosa to see EBITDA results rise by nearly a third compared to 2Q23. The group is now planning to invest $5 billion over the next eight years, with some 700 new hotel keys. In Macau, Wynn continued to cut its losses, down to $6.2 million, with revenues up 6.5 percent. Meanwhile, Light & Wonder saw a strong third quarter, with revenue at $465 million, on the back of strong gaming machine sales.
What you need to know
- Resorts World Sentosa saw a 31 percent QoQ growth in adjusted EBITDA, reaching $257 million in 3Q23, boosted by tourism increases.
- Wynn Macau cut its net losses to $6.2 million in 3Q23, while boosting operating revenues by 6.5 percent compared to the previous quarter.
- Light & Wonder continued its steady rise within 3Q23, seeing a fifth consecutive quarter of double-digit growth.
On the radar
- Macau operators give up on Suncity compensation, not appealing.
- Likely duopoly or oligopoly for UAE: Wynn Resorts.
- QLD October gaming tally up 1.7 percent YoY, monthly results fail to shine.
- Philippine Tourism Department, boosting hospitality and human capital.
- Wynn Macau mass table drop exceeds pre-COVID levels: analysts.
- PH lotto operator Pacific Online sees a 40% revenue increase Jan-Sept.
AGB Intelligence
SINGAPORE
Resorts World Sentosa planning a $5bln investment
Genting Singapore’s Resorts World Sentosa saw strong results in the third quarter, with adjusted EBITDA rising by 31 percent to $257 million from the previous period. The group notes the rebound in tourism to the city-state has driven revenue up by a third compared to the same period of last year, with profit up nearly 60 percent. This cushions the group’s plans to invest some $5 billion over the next eight years, including 700 new hotel rooms.
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