In 3Q23, Genting Singapore’s Resorts World Sentosa (RWS) recorded encouraging results, with adjusted EBITDA growing 31 percent to SG$350.4 million ($257 million) from 2Q23.
The company attributes this growth to the sustained recovery of travel and tourism in Singapore.
According to the financial results, in group-wide performance, Genting Singapore has delivered SG$689.9 million ($507 million) in revenue, representing a 33 percent growth from the corresponding period a year ago. Net profit increased by nearly 60 percent to SG$216.3 million ($159 million).
On a hold-normalized basis, gross gaming revenue (GGR) improved 31 percent quarter-on-quarter to SG$715.2 million ($525.5 million), exceeding 2019 levels for both VIP and mass gaming segments. Non-gaming revenue improved 22 percent from the previous quarter to SG$230.1 million ($169 million) due to increased foreign visitor arrivals and higher customer spending during the summer holiday season.
Approval on $5 billion investment
The company’s board also announced the approval of a total investment of around SG$6.8 billion ($5 billion), to be injected over the next eight years.
‘We are confident that this investment will firmly anchor RWS as the most sought-after tourism destination in Asia and propel the Group’s strong future growth. This investment will be funded through internal resources.’
‘The Waterfront development has received the government’s provisional permission, with construction set to commence in 2024,’ it added.
According to the press release, the Waterfront development comprises approximately 700 hotel keys and experiential lifestyle content in a blend of biophilic architecture designed by the firm Benoy.
Coupled with a new waterfront sculpture designed by Heatherwick Studio, ‘it will transform Singapore’s skyline and form a monumental gateway to RWS and the new Greater Southern Waterfront precinct.’
Genting Singapore also provided updates on the transformation of the Forum, stating that ‘the Minion Land in Universal Studios Singapore and the Singapore Oceanarium are progressing well and expected to soft open in early 2025.’