Genting Singapore reports lower earnings of $578.9 mil for FY2024 down 5% y-o-y

Revenue for the FY2024 came in 5% higher y-o-y at $2.53 billion, up from the $2.4 billion reported in the same period a year ago. 

Gross profit for the FY2024 fell by 5% y-o-y to $836.1 million from $882.8 million in the same period a year ago. 

For the 2HFY2024, the group reported a 34% y-o-y lower earnings of $221.96 million, a decline from the $425.5 million reported in the same period a year ago. 

Genting's revenue for the 2HFY2024 came in 17% y-o-y lower at $745.6 million. 

See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025

Genting Singapore is declaring a final dividend of 2 cents per ordinary share in respect of FY2024, payable to shareholders on May 24, 2025.

Cash and cash equivalents stood at $3.58 billion for FY2024 on the group level, and $1.42 billion on the company level for FY2024. 

Genting says that while revenue of $2.53 billion has surpassed pre-Covid-19 levels, rising costs and inflationary pressure remain significant challenges to the group, contributing to 6% decline in adjusted ebitda which stood at $960.1 million. 

See also: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil

In 4QFY2024, Genting’s adjusted ebitda grew 37% q-o-q on the back of better gaming performance, and gaming revenue grew 26% mainly due to a strong hold rate. 

Meanwhile, non-gaming revenue declined 15% due to seasonality and the impact of a strong Singapore dollar and elevated travel costs.

Genting says that it remains committed to its RWS 2.0 transformative investments to further strengthen its reputation as the region’s premier destination, while driving strong sustainable growth for stakeholders. 

At the group level, Genting notes that the Thai cabinet has given approval-in-principle to a draft Entertainment Complex Business Act on Jan 13, 2025, which could pave the way for the legalisation of casinos in Thailand. “We are closely monitoring the development and will continue to evaluate and explore geographical diversification opportunities,” the group says.