The group reported an increase in revenue, driven by the recovery of regional travel and gaming demand as pandemic-related measures were lifted. However, the non-gaming business was hindered by a decline in overseas visitor arrivals and airline capacity constraints, resulting in a 15% decrease in overall non-gaming revenue compared to the previous quarter.
In Q1, the revenue reached S$484.5 million, a 54.1% increase from the same period last year. Gaming operations contributed $339.9 million, a 45.0% rise, while non-gaming revenue saw a 90.0% year-on-year increase to $144.4 million. Other revenue, from investment business and support services, declined significantly to $169,000.
The adjusted EBITDA for Q1 was $191.7 million, a 53.6% rise. The Singapore integrated resort EBITDA accounted for $196.6 million, partially offset by a $4.9 million loss from other operations. Including other costs, the EBITDA amounted to $189.7 million, a 55.9% increase. The net profit for the quarter was $129.2 million, a 219.8% year-on-year increase.
Genting Singapore company secretary, Liew Lan Hing, stated that the business will continue its Resorts World Sentosa (RWS) 2.0 strategy to enhance the integrated resort’s brand value. Through two major stages, the company plans to invest in upgrading its product offerings. The first stage, RWS 1.5, involves reinventing and innovating facilities to attract more customers from the target markets.
As part of the strategy, the recently renovated 389-room Festive Hotel, now rebranded as Hotel Ora, started welcoming guests in April 2023. The Forum at RWS, the central cluster for visitors, will undergo extensive transformation from May 2023. Furthermore, the construction of Minion Land at Universal Studios Singapore and the Singapore Oceanarium is progressing well, with soft openings expected in 2025.
