Singapore – Genting Singapore manages to double its revenue from last quarterBy Phil - 11 November 2022
Genting Singapore managed to double its profits in the third quarter with GGR up 96 per cent to S$382m as international events including the Formula One Grand Prix helped boost overall tourism.
Net profit reached S$135.8m ($98m) in the three months to September from S$60.7m last year due to the continued recovery of Resorts World Sentosa where revenue grew 49 per cent from the previous quarter to $519.7m. Adjusted EBITDA came in at $249.4m, up 73 per cent quarter-on-quarter and an improvement of $146.8m from the previous year
The company stated: “The overall improvement in RWS’ operating performance reflects the ongoing recovery of regional travel markets, but such recovery has yet to return to the pre-pandemic levels. The rebound in gaming revenue was led by more affluent and premium customers that are staying slightly longer. Whilst labour shortages and cost pressures present significant challenges, we continue to enhance our product offerings and hire, train, and re-skill our workforce. Concurrently, as we embark on a journey of transformation to become the most sustainable and desirable Integrated Resort in Asia, we are strengthening our leadership and management team to be ready for the next stage of growth.”
“Singapore’s move to endemic community measures bolstered by high vaccination coverage has led to
reopening of live entertainment. To capture the pent-up demand, RWS has resumed our signature resort
entertainment and lifestyle programming, including the second edition of Wine Pinnacle Awards and the
post-pandemic comeback of Halloween Horror Nights at Universal Studios Singapore. We remain confident and excited about our growth opportunities in Singapore. In September, RWS was
conferred the Best Integrated Resort by TTG Travel Awards for the tenth consecutive year and at the same
time named Asia’s Leading Theme Park Resort 2022 by the World Travel Awards.”
“Our expansion projects (RWS 2.0) are proceeding expeditiously as planned and we are working closely
with various professionals and government agencies. The construction of Minion Land at Universal Studios Singapore is progressing well and the expansion site for the aquarium has been handed over to the appointed contractor to commence construction works this month. Concurrently, infrastructure facilities required to support RWS 2.0 such as the district cooling plant and high tension electrical switch-rooms are being added and upgraded on-site. The rebranding of the aquarium to the Singapore Oceanarium is going at full speed. This transformation includes the establishment of the Research and Learning Centre and the preparation of expertly curated immersive exhibition of marine animals.
As we pivot towards curated destination experiences, we are also investing in our assets to attract the
affluent market. This includes a complete remake of the Festive Hotel into a boutique style accommodation. The new Festive Hotel is scheduled to re-open in the first quarter of 2023, boosting the resort’s room inventory by 389 keys. Our visitors can also look forward to new dining concepts and exciting visitor offerings such as the first Asian preview of Van Gogh: The Immersive Experience, a world of art re-imagined at Resorts World Theatre in early 2023.”