The decline in international visitors and reduced VIP revenues resulted in a drop in Genting Singapore’s gaming revenue compared to the same period last year.
The overall decline was 28%, reaching SGD 330 million (USD 250 million), with the biggest impact on gaming revenue at the Resorts World Sentosa complex. However, the company emphasized that it will continue to develop this property.
As part of ongoing improvements to the complex, the company stated that it plans to gradually introduce ‘elevated visitor experiences progressively in phases.
Despite the challenging conditions, the non-gaming sector was supported by seasonal factors, although the Hard Rock Hotel was fully closed for renovation and rebranding, and the S.E.A. Aquarium closed two days a week for its expansion into the Singapore Oceanarium.
Nomura analysts Tushar Mohata and Alpa Aggarwal noted, “Given Q3 is seasonally the strongest quarter for GENS, the Q324 results were a miss in our view. Barring any positive surprise on win rate, we think that weaker earnings might persist for another two to three quarters until RWS 2.0 attractions (Minion Land, the Singapore Oceanarium, the Central Lifestyle Connector and an all-suite hotel in place of Hard Rock Hotel) start to open progressively from H125, and meaningfully contribute to earnings growth in H225/2026.”
The company also cited “increased competition and global uncertainty” as the main reasons for the revenue decline in Q3.
In its outlook for the coming year at RWS, the company stated: “As we progress with RWS 2.0 developments, RWS will be unveiling new and elevated visitor experiences progressively in phases. Starting with the launch of Asia’s first Harry Potter: Visions of Magic experience in November 2024, the exclusive experience will be the largest iteration of Harry Potter interactive art experience anywhere in the world. The development of Universal Studios Singapore’s new themed zone, Illumination’s Minion Land is on target, and set to open in the first quarter of 2025.”
This statement follows a successful first half, in which gaming revenue grew by 28%, reaching SGD 957 million (USD 698.6 million).
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