Genting Singapore’s Q1 2024- Revenue Soars 62%, Expansion Plans on Track
Genting Singapore, a prominent player in the integrated resort industry, has unveiled its stellar performance for the first quarter of 2024. Boasting revenue of SG$784.4 million ($580 million) and adjusted EBITDA of SG$369.5 million ($273 million), the company has showcased an impressive growth trajectory. These figures represent a substantial increase of 62% in revenue and 93% in adjusted EBITDA compared to the same period last year.
Driving forces behind the growth:
As Asia Gaming Brief reports, the driving forces behind Genting Singapore’s remarkable growth can be attributed to several key factors. Firstly, the company reported a remarkable 69 percent year-on-year increase in gaming revenue, soaring to SG$ 576 million ($425.6 million) in the first quarter. This surge in gaming revenue is indicative of heightened visitation and increased tourism spending, particularly during the Chinese New Year festive season.
Furthermore, the relaxation of visa regulations between China and Singapore, which came into effect in February 2024, has played a pivotal role in attracting a significant influx of tourists to Resorts World Sentosa. This mutually beneficial visa-free agreement has spurred tourism growth, with Singapore witnessing a notable 41.3 percent year-on-year increase in visitor arrivals from January to April, with Chinese tourists emerging as a key source market.
Embarking on exciting development projects:
In addition to capitalizing on increased visitation and tourism spend, Genting Singapore is also making significant strides in its development pipeline. The company provided updates on various ongoing projects aimed at enhancing its integrated resort offerings.
Construction works for the highly anticipated Minion Land, the Singapore Oceanarium, and the Central Lifestyle Connector are progressing as scheduled and are set to open in phases from the first quarter of 2025. These immersive attractions are poised further to elevate the guest experience at Resorts World Sentosa, catering to a diverse range of visitors.
Moreover, Genting Singapore announced the commencement of the tender process for its new Waterfront development, which includes the construction of two hotels totaling 700 rooms. Anticipated to be awarded in the third quarter of this year, with on-site works slated to commence by the fourth quarter, this development underscores the company’s commitment to expanding its hospitality offerings and meeting evolving consumer demands.
Renovation and revitalization efforts:
Amidst its ambitious expansion plans, Genting Singapore is also focusing on revitalizing existing assets to ensure they remain competitive in the market. The former Hard Rock Hotel, which closed in March 2024, is currently undergoing extensive renovation. Set to be relaunched as a new all-suites luxury hotel in early 2025, this transformation underscores the company’s dedication to delivering unparalleled luxury and comfort to its guests.
Genting Singapore’s robust performance in the first quarter of 2024 is a testament to its resilience, strategic foresight, and unwavering commitment to excellence. The company has positioned itself for sustained growth and success in the dynamic integrated resort landscape by capitalizing on increased visitation, tourism spending, and strategic developments. As it continues to innovate and expand its offerings, Genting Singapore remains poised to redefine the hospitality and entertainment experience for visitors worldwide.