Operator News
Singapore – Resorts World Sentosa sees revenues jump by 40 per cent in 2023 despite slow down in fourth quarter
By Phil - 23 February 2024
Genting Singapore, the operating force behind Resorts World Sentosa in Singapore, has reported revenue of $2,417.6m for the full year 2023, reflecting a 40 per cent improvement from the preceding year.
The yearly increase masks a slow-down in the fourth quarter when the operator reported US$998m in revenue for the six months to December 31 2023, up 26 per cent year-on-year and 24 per cent higher than in the six months through June 30. Analysts highlighted that it is popular with Singapore nationals to travel overseas during year-end holidays, leading to softness in both gaming and non-gaming.
Genting Singapore added that gaming revenues spiked by 19 per cent in the second half of the year reaching US$670m, marking an increase of 21 per cent over the first half of the year.
The operator said: “The post pandemic recovery is gathering momentum, although there is expectation of some potential headwinds. With the significant recovery of our businesses across the board, the strong increase in revenue have translated to an 80 per cent year-on-year growth of the Group’s net profit to $611.6m. Resorts World Sentosa (RWS) delivered an adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) of $1,056.5m representing around 86 per cent of pre-Covid Adjusted EBITDA. For the fourth quarter, 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 Group’s FY2023 performance has demonstrated a vigorous recovery, particularly with Resorts World
Sentosa (RWS) bouncing back to levels nearing the pre-pandemic period. During the financial year, RWS
became the first integrated resort to be inducted into the Travel Trade Gazette (TTG) Travel Hall of Fame in
recognition of its exceptional performance. These achievements are testimony to our unwavering commitment to excellence in the hospitality and tourism industry. Although the robust performance in 2023 indicates a promising recovery for RWS, the near-term prospects may be unpredictable due to many macroeconomic and geo-political factors beyond our control.”
“Looking ahead, the Group remains passionate in its commitment to enhancing RWS’ brand as Asia’s premium tourism destination with elevated offerings and visitor experiences. The ongoing developments taking place at the Forum Lifestyle zone, Universal Studios Singapore’s Minion Land and the Singapore Oceanarium are progressing well and on track to a soft opening in early 2025. The 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. Renovation and upgrading works in the entire resort will be refurbished in phases that will include all our existing hotels and food & beverage outlets, attractions and the casino.”
