A fall in international visitors and VIP revenue meant that Genting Singapore suffered a dip in gaming revenue compared to the same period as last year.
With a 28% decrease to SG$330m (US$250m), the biggest hit was felt at the group’s gaming revenue at Resorts World Sentosa operation, however the group emphasised it is continuing with developments at the location.
Continuing with progress at the venue, the group stated it plans to continue to form ‘elevated visitor experiences progressively in phases’.
In spite of the challenges, The non-gaming business was boosted by seasonality, despite the full closure of Hard Rock Hotel for renovation and re-branding, and the S.E.A. Aquarium’s weekly two-day closure for its expansion into the Singapore Oceanarium.
Nomura analysts Tushar Mohata and Alpa Aggarwal said: “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 group also cited ‘increased competition and global uncertainty’ as a key reason for its revenue dip during Q3.
Providing an outlook for the year ahead at RWS, it 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.”
It comes after the group enjoyed a significantly positive H1, in which it witnessed a gaming revenue growth of 28% to S$957m (£564m).
