Good morning. 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. But Macau is clawing back for its position, welcoming nearly 1.4 million tourists in January, a figure that a scholar notes is impressive, but unlikely to be sustainable over the rest of the year.
What you need to know
- Resorts World Sentosa delivered impressive results in 2H22, driving Genting Singapore to a $258 million profit for FY22.
- Macau’s January tourism recovery, with 1.4 million visitors, bodes well for 2023, but a scholar is still cautious about whether it will be sustainable.
On the radar
- Ted Chan replaces Robert Drake as Galaxy CFO, effective March 1st.
- Macau satellite casino operator Kingston privatized, delisting from HKEX.
- Former Chinese official lost $730k in Macau casinos, gambled online.
- China-Macau travel eased as 24h eVisa machines resumed in Zhuhai.
AGB Intelligence
SINGAPORE
Resorts World Sentosa shines in 2H22, boosting FY22 profit
Genting Singapore’s flagship property delivered stunning results in 2022, mostly due to a major uptick in revenue and profit during the second half of the year. Resorts World Sentosa saw gaming revenue more than double during the year, topping $919 million, as international visitors flocked back, also causing a strong boost in non-gaming revenues. Yearly profit for the group increased to $258 million.
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