Genting Singapore experienced ‘robust growth’ in the first quarter of 2024, delivering revenue of SG$784.4 million ($580 million) and adjusted EBITDA of SG$369.5 million ($273 million).
These figures represent a significant increase of 62 percent in revenue and 93 percent in adjusted EBITDA compared to the same period last year.
According to its quarterly business update released on Friday, Genting Singapore notes that the group’s gaming revenue grew by 69 percent yearly to SG$576 million ($425.6 million) in the first quarter. On a quarter-over-quarter basis, the gaming revenue also showed a robust improvement of 31 percent.
In the company’s statement, Genting Singapore indicates that its integrated resort – Resorts World Sentosa – has seen notable benefits from the increased visitation and tourism spend 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 of 2024.
China and Singapore entered into an agreement for mutual visa-free starting from early February. According to official data, Singapore received 5.71 million visitor arrivals from January to April, up 41.3 percent year-on-year. And Chinese tourists are one of the main source markets.
Additionally, Genting Singapore also updated its ongoing revamp plan, mentioning that 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.
‘The ongoing tender for the new Waterfront development, including two hotels totaling 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 will be relaunched as a new all-suites luxury hotel in early 2025.
