Profitable Start to the Year for Genting Singapore Limited

The firm behind Singapore’s colossal Resorts World Sentosa development, Genting Singapore Limited, saw its first-quarter net profit rise by 92% year-on-year to over $182.8 million as total revenues swelled by 62% to top $579.8 million.

The subsidiary of international leisure and hospitality giant Genting Berhad detailed its gaming revenues for the three months to the end of March, which escalated by 69.5% year-on-year to some $425.8 million, while receipts from non-gaming activities increased by 44% to approximately $154 million. 

Enormous Enterprise

Genting Singapore Limited has run the 121-acre Resorts World Sentosa integrated casino destination since the property’s opening in 2010. Recently, it inked a deal to bring the 40,000 sq ft Harry Potter: Visions of Magic attraction to the facility from later in the year. 

However, those visiting the five-star Singapore development can already enjoy access to one of the world’s largest aquariums, the 49-acre Universal Studios Singapore theme park, a large selection of food and beverage outlets and a 107,600 sq ft luxury spa.

Resorts World Sentosa is also home to a 160,000 sq ft casino, hosting a selection of around 2,400 slots and more than 500 gaming tables. 

The enterprise is currently in the process of spending upwards of $5 billion in order to renovate three of its six hotels, add a further 700 rooms to its existing 1,800-strong complement and debut further themed attractions such as the soon-to-open Minion Land experience.

Positive Performance

Genting Singapore Limited revealed its first-quarter earnings before interest, tax, depreciation and amortization had reached $271.8 million, which represented a boost of 94% year-on-year and more than 67% better than the preceding fourth quarter’s $162.1 million tally. 

Adding to the sense of optimism, the operator asserted that this ‘robust growth’ had been accompanied by a 29% reduction in carbon emissions intensity and almost $900,000 in ‘community investments’.

Chinese Comforts

The Company Secretary for Genting Singapore Limited, Liew Lan Hing, explained her firm’s improved performance came as more tourists began visiting its flagship property following the February relaxation of strict visa regulations between China and Singapore. 

The executive also pronounced that this easing had led to several ‘notable benefits’ including ‘increased visitorship and tourism spending during the Chinese New Year festive season’.

“As one of Asia’s most successful premium lifestyle destination resorts, the group remains dedicated to enhancing Resorts World Sentosa’s brand by introducing more lifestyle events and experiences that cater to affluent visitors,” Liew said. 

“These events include Sneaker Con Southeast Asia 2024, which is Southeast Asia’s second edition of the world’s premier sneaker event, held in March 2024 while at Universal Studios Singapore, Naruto. The Gallery has made its first-ever international debut outside of Japan and is showcasing the iconic world of Naruto from March to June this year.”