Genting Singapore (G13) Q3 2024 TU earnings summary

Executive summary

• Revenue for Q3 2024 was $561.9 million, down 2% sequentially and 19% year-over-year, mainly due to lower VIP gaming volumes and win rates.

• Non-gaming revenue improved 1% year-over-year and 22% sequentially, despite operational disruptions from renovations and closures.

• Resorts World Sentosa continued to enhance its offerings with new events, collaborations, and entertainment, including major festivals and concerts.

Financial highlights

• Adjusted EBITDA for Q3 2024 was $163.9 million, down 19% sequentially and 53% year-over-year.

• Net profit after taxation was $79.4 million, a 27% sequential and 63% year-over-year decline.

• Gaming revenue fell 28% year-over-year and 14% sequentially, while non-gaming revenue rose 1% year-over-year and 22% sequentially.

• Other expenses increased significantly, including non-recurring items such as impairments and write-offs.

Outlook and guidance

• RWS 2.0 developments are progressing, with phased launches of new attractions and experiences starting November 2024.

• Universal Studios Singapore's Minion Land is on track to open in Q1 2025, and the Waterfront development will commence construction in November 2024.