Genting Singapore has reported earnings of $145 million for 1QFY2025 ended March 31, down 41% y-o-y. On a q-o-q basis, earnings grew 2%.
The group reported revenue of $626.2 million and adjusted ebitda of $235.8 million for 1QFY2025, down 20% y-o-y and 36% y-o-y respectively. On a q-o-q basis, these figures improved 2% and 3% respectively.
The group’s overall weaker performance y-o-y can be attributed to Singapore seeing stronger visitorship and tourism spending during last year’s Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.
The group says that the gaming business benefitted from the Chinese New Year festive season, while the non-gaming business experienced softer demand due to the continuous impact of a strong Singapore dollar and ongoing renovation and upgrading works at Resorts World Sentosa (RWS) as part of the RWS 2.0 transformation project.
On a q-o-q basis, results for the current quarter were affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.
On the RWS 2.0 transformation journey, RWS will launch WEAVE in the second half of 2025, a lifestyle destination with over 40 lifestyle and premium brands. It will also celebrate the grand opening of the Singapore Oceanarium in 3Q2025.
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Construction of the RWS 2.0 Waterfront Complex has also just begun, and once completed will include two luxury hotels, four storey retail and entertainment and dining podium.
On the same day as its 1QFY2025 business update announcement, Genting Singapore announced the retirement of its CEO of the company and RWS Tan Hee Teck.
Tan was first appointed CEO of RWS in 2007 and chariman of RWS in 2015. He was later appointed CEO of the company on May 1, 2022. His retirement is a personal decision, and Tan's departure from all his executive and board roles held in the group will be with effect from May 31.
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Tan Sri Lim, the executive chariman of the company, will assume the role of acting CEO with effect from June 1. He will still remain executive chairman of the company.
Meanwhile, Lee Shi Ruh, the current president of RWS, will assume the role of CEO of RWS with effect from June 1. She was first appointed president of RWS in Sept 2023, and will remain in her role as CFO of the company.
Shares in Genting Singapore closed 0.5 cents lower or 0.676% down at 73.5 cents on May 14.
