Genting Singapore (G13) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $626.2 million, up 2% sequentially from Q4 2024, driven by gaming during Chinese New Year, while non-gaming was softer due to strong SGD and ongoing renovations.

• Net profit after taxation was $144.96 million, a 2% increase from Q4 2024 but down 41% year-over-year due to lower VIP win rates and reduced hotel inventory.

• RWS advanced its transformation with new attractions, luxury dining, and high-profile events, reinforcing its position as a premier destination.

Financial highlights

• Adjusted EBITDA for Q1 2025 was $235.8 million, up 5% sequentially but down 36% from Q4 2024.

• Gaming revenue rose 5% sequentially to $437.5 million, while non-gaming revenue fell 4% to $188.5 million.

• EBITDA was $230.5 million, up 3% from Q4 2024, but down 37% year-over-year.

• Net exchange loss of $1.7 million in Q1 2025, compared to a gain in Q4 2024.

Outlook and guidance

• Launch of WEAVE retail and dining enclave and grand opening of Singapore Oceanarium expected in Q3 2025.

• The Laurus, a new luxury all-suite hotel, and further RWS 2.0 Waterfront Complex developments are underway.

• Group remains cautious amid geopolitical and macroeconomic headwinds, leveraging financial strength and regional presence.