Genting Singapore, a land-based casino operator in Singapore, announced a surge in income and earnings for the initial three months of its financial year 2023.

The organization attributed the growth to the ongoing rebound of regional travel and gambling demand following the removal of almost all remaining COVID-related restrictions.

Nevertheless, the operator also acknowledged that the recovery of its non-gambling activities was constrained by the slow pace of overseas visitors from its customary source markets, while airline capacity limitations continued to restrict inbound leisure visitor traffic.

Furthermore, the operator stated that higher airfares during the holiday season impacted visitor numbers, resulting in a 15% decrease in non-gambling revenue compared to the previous quarter.

For the three-month period ending March 31, revenue reached S$484.5 million (£290.4 million/€333.3 million/$362.2 million), representing a 54.1% increase from S$314.5 million in the same period last year.

Of this amount, gaming revenue stood at S$339.9 million, up 45.0%, while non-gaming revenue climbed 90.0% year-on-year to S$144.4 million. Other income from investment activities and other hotel and support services decreased 95.5% to S$169,000.

During the initial three-month period, Genting Singapore’s modified earnings before interest, taxes, depreciation, and amortization (EBITDA) attained $191.7 million, a surge of 53.6% in comparison to the equivalent timeframe the previous year. Of this total, EBITDA generated by the Singapore integrated resort amounted to $196.6 million, partially offsetting a $4.9 million deficit from other ventures.

After factoring in $2 million in supplementary expenses, EBITDA reached $189.7 million, representing a year-over-year increase of 55.9%, and net profit for the quarter was $129.2 million, a year-over-year increase of 219.8%.

Looking forward, Genting Singapore’s company secretary, Lau Lan Xing, stated that the organization will persist in implementing its Resorts World Sentosa 2.0 strategy, introducing diverse initiatives to enhance the brand’s value and propel future growth for the integrated resort.

“As we continue to execute the RWS 2.0 strategy, the Group is dedicated to enhancing RWS’s brand image as a premium luxury destination, attracting stylish and affluent clientele,” Lau Lan Xing remarked.

“We will be investing in two primary phases to enhance all our product offerings. The initial phase, RWS 1.5, will entail the renovation and innovation of our facilities to enhance RWS’s destination appeal and generate greater demand from our target market.”

The strategy encompasses a comprehensive renovation of the 389-room Festive Hotel, which has been rebranded as the Ora Hotel and commenced welcoming guests in April 2023.

The well-known gathering place for resort visitors, the Forum at Resorts World Sentosa (RWS), will be completely revamped in May 2023.

In the meantime, the Minion Land at Universal Studios Singapore and the S.E.A Aquarium are moving forward at a steady pace, with a projected opening date of 2025.

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