Genting Singapore witnessed a healthy start to 2024 as H1 gaming revenue grew by 28% to S$957m (£564m).
Despite witnessing upticks across a majority of segments, the operator outlined that a return to pre-pandemic levels is still facing “headwinds” due to “recovery of regional travel destinations and rising geopolitical tensions”.
Amidst a number of entertainment experiences and expansion projects at the operator’s flagship venue Resorts World Sentosa, total revenue across the first half of the year came in at S$1.36bn (£802m).
The second quarter saw “steady visitor numbers” at RWS, attracting customers through concerts and special events, as well as outreach activities to broaden audiences at the S.E.A Aquarium, ahead of its upcoming transformation to the Singapore Oceanarium.
Alongside H1’s 28% gaming revenue uptick to S$957m (H12023: S$746m), the firm’s non-gaming revenue also increased, reaching S$397m (£234m) to eclipse H1 2023’s results by 19% (H12023: S$333m).
Entertainment projects taking place at RWS are set to continue into the second half of the year, with the resort set to roll out four “global blockbuster IP partnerships”.
These projects will see the venue’s Universal Studios Singapore location host Mega Minions from Illumination’s Despicable Me 4, while the Harry Potter: Visions of Magic experience is set to make its Asian debut at RWS.
Net profit after tax for H1 surged 29 per cent to S$357m (H12023: S$277m) while adjusted EBITDA increased 26 per cent to S$570m (£336m) from H12023’s S$452m (£267m).
Looking at second quarter performance, the group’s adjusted EBITDA came in lower than Q1 comparatives, dropping by 45% to S$201m (£119m) from S$367m (£217m).
Genting Singapore stated: “The second quarter of 2024 was weaker at $201.3m due to seasonality, a significantly lower VIP hold than the first quarter, and the closure of Hard Rock Hotel for renovations and rebranding.”
