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Genting Singapore nearly doubles 1QFY2024 earnings thanks to visa-free travel between China and Singapore

The Edge Singapore
·2-min read

Tender for the new Waterfront development will be awarded in Q3

Genting Singapore has reported earnings for 1QFY2024 that has nearly doubled that of the year earlier.

For the three months ended March, earnings surged 92% y-o-y to $247.4 million, on the back of a 62% jump in revenue to $784.4 million.

Growth in gaming revenue hit 69%, or $576 million, outpacing the growth in non-gaming revenue, which increased by 44% y-o-y to $208.3 million.

The company, which runs the Resorts World Sentosa IR, has seen "notable benefits" from the higher visitorship and tourism spending during the Chinese New Year festive season, as well as from the relaxation of visa regulations between China and Singapore that took effect in February 2024.

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Earlier in the day, RWS signed an MOU with Sentosa Development Corporation, DBS Bank, and the Singapore Tourism Board (STB) to establish a collaborative Sentosa Precinct Partnership.

Separately, the other IR, Marina Bay Sands signed a similar agreement with STB and UOB.

The company had earlier announced plans for a $6.8 billion upgrade and expansion of the resort, featuring a waterfront development, among others.

According to Genting Singapore G13 on May 10, construction works for the new Minion Land, the Singapore Oceanarium, and the Central Lifestyle Connector remain on track for opening in phases from the first quarter of 2025.

"The ongoing tender for the new Waterfront development, including two hotels totalling 700 rooms, is expected to be awarded in the third quarter of this year, with on-site works targeted to commence by the fourth quarter of this year.

"The former Hard Rock Hotel, closed in March 2024, is undergoing extensive renovation and it will be relaunched as a new all-suites luxury hotel in early 2025," the company adds.

Genting Singapore shares closed at 89 cents on May 10, up 1.14% for the day but down 12.38% year to date.

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