Genting Singapore has announced a net profit of SG$611.6 million ($456 million) for the fiscal year 2023, which concluded on December 31st, marking an 80 percent increase year-over-year.
During the same period, the group experienced a 40 percent year-over-year growth in revenue, reaching $2.4 billion ($1.8 billion), while experiencing an uptick in business volumes throughout the year. The group witnessed a 36.6 percent year-on-year increase in the cost of sales, amounting to SG$1.5 billion ($1.1 billion).
Resorts World Sentosa (RWS) delivered an Adjusted EBITDA of SG$1.1 billion ($788 million), representing approximately 86 percent of the pre-Covid Adjusted EBITDA.
The company recorded gaming revenue of nearly SG$1.65 billion ($1.23 billion), marking a 34.1 percent increase from the previous year.
For the 4Q23, Genting Singapore points out that gaming revenue growth was very respectable while non-gaming revenue was impacted by various factors such as the strong Singapore dollar, persistently high airfares and accommodation costs, and the slower recovery of Chinese outbound travel.
The Directors additionally recommend a final dividend payout of SG$0.02 per ordinary share, totaling SG$241.4 million ($180 million).
When considering the interim dividend of SG$181.1 million ($135 million), the company disbursed a combined SG$422.5 million ($315 million) in dividends to shareholders for the fiscal year 2023.
In the commentary accompanying the FY23 results, Genting Singapore notes that its business recovery was ‘gathering momentum’ post-COVID, although it sees ‘some potential headwinds’.
Ongoing developments
In Genting Singapore’s financial results, the group also updates that ongoing developments taking place at the Forum Lifestyle zone, as Universal Studios Singapore’s Minion Land and the Singapore Oceanarium are on track for a soft opening in early 2025.
Tenders have been issued for the new waterfront development, featuring 700 hotel keys and immersive lifestyle offerings, with tender returns expected in the second quarter of this year.
In November, Genting Singapore announced that its board had approved a total investment of approximately SG$6.8 billion ($5 billion) for the enhancement and expansion of Resorts World Sentosa.
Director appointment for RWS
In a distinct announcement on Thursday, Genting Singapore also announces appointment of Andrew MacDonald as a director of Resorts World Sentosa, the subsidiary overseeing the casino complex.
MacDonald has served as the Chief Casino Officer of Resorts World at Sentosa of the operating entity since September 2022.
‘The Nominating Committee and the Board have assessed and are satisfied that Mr. Andrew MacDonald has the qualifications and experience to be appointed as the Director of RWS, the indirect wholly-owned subsidiary of the Company.’it stated.
