Singapore’s Resorts World Sentosa reports record Q3 growth

Lea Hogg 5 months ago
Singapore’s Resorts World Sentosa reports record Q3 growth

In a pivotal quarter for Genting Singapore’s Resorts World Sentosa (RWS), the integrated resort reported substantial financial gains, marking a notable 31 percent quarter-on-quarter growth in adjusted EBITDA, reaching SG$350.4 million (US$257 million) in Quarter 3, 2023. This impressive upswing is credited to the ongoing recovery of travel and tourism in Singapore, signifying positive momentum for the renowned destination.

Group-wide success

Genting Singapore’s group-wide performance in Quarter 3 displayed remarkable financial achievements. The company reported a substantial 33 percent growth in revenue, reaching SG$689.9 million (US$507 million), compared to the same period a year ago.

Net profit surged by nearly 60 percent, reaching SG$216.3 million (US$159 million). These figures underscore the resilience and adaptability of Resorts World Sentosa in the evolving landscape of the hospitality and entertainment industry.

Gaming and non-gaming excellence

On a hold-normalized basis, gross gaming revenue (GGR) witnessed an impressive 31 percent quarter-on-quarter improvement, reaching SG$715.2 million (US$525.5 million). This surge surpassed 2019 levels for both VIP and mass gaming segments, highlighting the robust performance of Resorts World Sentosa’s gaming offerings. Non-gaming revenue also experienced a significant uptick, rising by 22 percent from the previous quarter to SG$230.1 million (US$169 million).

The increase is attributed to heightened foreign visitor arrivals and increased customer spending during the summer holiday season.

US$5 Billion injection for future growth

In a strategic move, Genting Singapore’s board announced the approval of a substantial investment totaling around SG$6.8 billion (US$5 billion) over the next eight years.

The company expressed confidence that this substantial injection would solidify Resorts World Sentosa as the premier tourism destination in Asia, fostering robust future growth. The investment will be funded through internal resources, showcasing the company’s commitment to advancing its flagship property.

The centerpiece of this significant investment is the Waterfront development, which has received provisional government permission. The construction is set to commence in 2024, featuring approximately 700 hotel keys and experiential lifestyle content. Designed by the esteemed architecture firm Benoy, the development aims to redefine Singapore’s skyline. A new waterfront sculpture by Heatherwick Studio is poised to become a monumental gateway to RWS and the new Greater Southern Waterfront precinct.

Transformative developments

Genting Singapore also provided updates on transformative developments within Resorts World Sentosa. The eagerly anticipated Minion Land in Universal Studios Singapore and the Singapore Oceanarium are progressing well, with expectations for a soft opening in early 2025. These additions, coupled with the ongoing transformation of the Forum, signify Resorts World Sentosa’s commitment to offering immersive and cutting-edge attractions, elevating the overall guest experience.

In conclusion, Resorts World Sentosa’s stellar Quater 3 2023 performance, coupled with strategic investments and transformative developments, positions Genting Singapore for continued success in the competitive hospitality and entertainment landscape.

The company’s foresight in navigating industry trends and commitment to enhancing its flagship property underscore its dedication to delivering unparalleled experiences to visitors and setting new benchmarks in the integrated resort sector.

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