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Genting Singapore has announced its financial results for H1 2024.
The group’s net profit amounted to SG$356.9m (US$270.84m), up 29% year-on-year. Group revenue was SG$1.4bn, 25% higher than the previous record of SG$1.1bn for H1 2023.
Gaming revenue improved by 28% year-on-year to HK$957.6m. Non-gaming revenue saw a 19% year-on-year increase to SG$333.2m. Those under the ‘others’ segment, which include investment business and other support services, was the only segment seeing a slight decrease from SG$308,000 in 2023 to SG$280,000 in 2024, approximately a 9% decrease.
Adjusted EBITDA for H1 2024 was SG$570.8m, 26% up year-on-year.
On a quarter-to-quarter basis, however, the group’s adjusted EBITDA for Q2 2024 was weaker at SG$201.3m due to seasonality, a significantly lower VIP hold than the Q1, and the closure of Hard Rock Hotel for renovations and rebranding.
In the meantime, Genting Singapore also reported that the first phase of RWS 2.0 (Resorts World Sentosa 2.0), comprising of Illumination’s Minion Land and the Singapore Oceanarium, the Central Lifestyle Connector and an all-suite hotel in place of Hard Rock Hotel, will remain on track for its soft opening in early 2025.
Earlier, Resorts World Sentosa (RWS) CEO Tan Hee Teck was elected by the Singapore National Employers Federation (SNEF) as the federation’s new president.
Singapore’s Ministry of Home Affairs (MHA) and Ministry of Social and Family Development (MSF) also proposed a that would fix casino entry levies for Singaporeans and Singapore permanent residents at S$150 (US$114) per day and S$3,000 yearly.
