Genting Singapore nearly doubles Q1 net profit to S$247.4m
RWS generated more revenue on increased visitorship and tourism as Chinese visa regulations were loosened
RESORTS World Sentosa (RWS) operator Genting Singapore on Friday (May 10) reported a net profit of S$247.4 million for the first quarter ended March, an increase of 91.5 per cent from S$129.2 million in the previous corresponding period.
The group posted a revenue increase of 61.9 per cent to S$784.4 million from S$484.5 million a year ago.
Its gaming segment revenue rose 69.5 per cent to S$576 million, while non-gaming segment revenue climbed 44.2 per cent to S$208.3 million.
“RWS has seen notable benefits from the increased 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,” said the group in a quarterly business update.
Looking ahead, it plans to hold more lifestyle events in 2024 targeting affluent visitors, such as Naruto: The Gallery exhibition, which is currently ongoing, and Harry Potter: Visions of Magic later this year.
It also said that construction works on upcoming projects – Minion Land, Singapore Oceanarium and the Central Lifestyle Connector – remain on track for a phased opening in the first quarter of 2025.
An ongoing tender for the new Waterfront development, including two hotels totalling 700 rooms, will be awarded in the third quarter of 2024, while a new luxury hotel replacing the former Hard Rock Hotel will be launched in early 2025.
On Friday, RWS signed a memorandum of understanding with Sentosa Development
Corporation, DBS, and the Singapore Tourism Board (STB) to establish the Sentosa Precinct Partnership, which will “pave the way for a transformation of RWS’ destination appeal”.
The partnership is part of wider government efforts to boost tourism, even as tourism receipts in 2023 exceeded
forecasts at S$27.2 billion. This includes another memorandum signed between STB, Marina Bay Sands and UOB, to improve the Marina Bay precinct and a S$100 million experience centre by Porsche in Changi.
Shares of Genting Singapore closed S$0.01 or 1.1 per cent higher at S$0.885 on Friday, before the update.