Singapore – Genting Singapore heralds return of foreign visitors as revenues increase by 63 per centBy Phil - 10 August 2023
Foreign visitor arrivals into Singapore continued to improve, driving a 63 per cent improvement in revenue for Genting Singapore, reaching $1.1bn in the first half of 2023.
Adjusted EBITDA jumped 68 per cent year-on-year to $452.5m. However, limited air capacity from certain regional countries and elevated airfares affected leisure travel.
At the property level, Resorts World Sentosa delivered an Adjusted EBITDA of $268.4m for the second quarter of 2023, a 37 per cent improvement from the previous quarter. The better performance was a result of the rebound in non-gaming business, a higher-than-theoretical VIP win rate and recovery in regional gaming business. On a hold-normalised basis, gross gaming revenue (GGR) improved three per cent quarter-on-quarter to $547.9m, reaching near the levels of 2019. Non-gaming revenue improved 31 per cent quarter-on-quarter to $188.7m due to improved attractions’ attendance and spend per customer driven by intensified marketing and promotional efforts.
The operator stated: “The Group continued to build on the brand identity and position of Resorts World Sentosa (RWS) as a premium lifestyle destination that appeals to the trendy and affluent. In the first half of 2023, RWS presented a series of high-profile events and visitor experiences such as the first ever LIV Golf event in Singapore and Aaron Kwok’s Amazing Kode World Tour 2023 concert. Come September 2023, guests will see the return of Southeast Asia’s most iconic scare event – Universal Studios Singapore’s Halloween Horror Nights 11, featuring Netflix’s All of Us Are Dead.
“As part of RWS 1.5, we have embarked on the renovation work of the Forum in May 2023. This will create a 20,000 sqm central lifestyle cluster, offering a wide variety of upscale restaurants, specialty shops, entertainment and iconic concept stores in a biophilic environment. The construction of Minion Land at Universal Studios Singapore and the Singapore Oceanarium under RWS 2.0 are progressing well. Other components of RWS transformation, including the new Waterfront building, Equarius Hotel extension and the new Health and Wellness Centre are targeted to commence construction in 2024 following Government approvals.”