Genting Singapore’s recovery is underway with the company reporting a 13% year-on-year and 21% sequential increase in revenues to SG$315 million (US$225 million) at Resorts World Sentosa in the three months to 31 March 2022.
The increase, coming after Singapore began lifting COVID-19 restrictions earlier this year, was largely driven by gaming, which booked an 8% increase over 1Q21 and 42% increase verses the December 2021 quarter to SG$235 million (US$168 million). Non-gaming revenue of SG$76 million (US$55 million) was 26% higher year-on-year but 16% lower than Q4.
Net profit was SG$40 million (US$29 million), 17% higher than both 1Q21 and 4Q21, while Adjusted EBITDA of SG$125 million (US$89 million) was down 3% year-on-year but 80% higher than the December quarter.
Despite the improved results, Genting Singapore said it was “cautiously optimistic” of the recovery trajectory, warning the pace of recovery will be moderated by limited flight schedules, high airfares and ongoing travel restrictions on visitors from certain countries.
The company did, however, confirm plans to start construction work on its Minion Land and the Singapore Oceanarium during the current quarter – part of its RWS 2.0 expansion. It will also begin a transformation of Festive Hotel into a “bleisure” and “workation” (work-vacation) hotel in the second half of this year.
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