Genting Singapore saw consolidated revenues more than double year-on-year to SG$519.7 million (US$371 million), driven by major gains in the premium gaming segments at its Singapore integrated resort, Resorts World Sentosa (RWS).
According to information filed Thursday afternoon, gaming revenue at RWS climbed 96% year-on-year and 59% over the June quarter to SG$382.0 million (US$273 million).
In its quarterly business overview, Genting Singapore said, “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.”
Non-gaming revenue was also more than double the same period in 2021 and 29% higher sequentially to SG$137.3 million (US$98 million), aiding a strong rebound in profitability.
Adjusted EBITDA of SG$249.4 million (US$178 million) in 3Q22 was 143% higher year-on-year and 73% higher quarter-on-quarter, while net profit of SG$135.8 million (US$97 million) was more than double the SG$60.7 million (US$43 million) reported in 3Q21 and more than triple the SG$44.1 million (US$31 million) in the June 2022 quarter.
Genting Singapore said it is continuing to make progress on its RWS 2.0 expansion project but is also investing in assets to attract the “affluent market”.
“This includes a complete remake of the Festive Hotel into a boutique style accommodation,” it said. “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.”
The strong 3Q22 come after RWS recently announced the appointment of former Marina Bay Sands executive Andrew MacDonald as its new Chief Casino Officer.
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